The trade deal between the UK and New Zealand (NZ) which was agreed last October was formally signed this week.

It will now go before the NZ and UK parliaments for approval and is expected to be ratified and come into law by late this year.

A joint statement from prime minister Jacinda Ardern, and trade minister Damien O’Connor described the deal as “a gold-standard free trade agreement.”

Cheese will start with a 24,000t quota, rising to 48,000t by year five and then free access

The deal gives NZ a 12,000t beef quota immediately that increases to 38,820t by year 10 and completely free access after 15 years.

Butter access will start with a 7,000t quota, increasing to 15,000t after five years and free access after six years.

Cheese will start with a 24,000t quota, rising to 48,000t by year five and then free access.

Sheepmeat already has a 114,000t quota which will be increased by 35,000t in first four years and a further 50,000t will be added from year five to 15.