Princess X95 and Princess X80.
Last month’s announcement of New Zealand successfully securing a Free Trade Agreement (FTA) with the United Kingdom marked a historic turning point for economic growth and relations in both countries.
With the removal of tariffs alone, New Zealand exporters are expected to save over NZD 37 million per year. Importers are also set to take full advantage. New Zealand is a key leisure marine market with some of the highest boat ownership per capita globally. Princes Yachts successfully lobbied the UK Department of International Trade. As a result, they have included in the FTA the removal of the 5% tariff (import duty) on the UK manufactured boats and ships imported into NZ.
Princess Yachts Chief Marketing Officer Kiran Haslam has plans to double their unit sales in the New Zealand market thanks to the removal of the tariff. This increase in sales is estimated to create 32 new jobs directly and 140 more in the wider economy.
Scott Williamson of Princess Yachts New Zealand and Fiji said “Naturally we’re thrilled to see the removal of this import duty as it offered no value to us or our clients in the supply chain. We’re now on a level playing field with some competitors and have a new competitive advantage over others.”
With the FTA set to be ratified by both countries in 2022 and the Princess Yachts order book filled through to late-2023, we expect to see the benefit of this FTA agreement to be enjoyed by all future Princess owners.
Read more on how this FTA benefits both NZ and the UK here.