In today's Focus on Politics podcast, Political Reporter Katie Scotcher takes a deeper look at New Zealand's free trade ambitions with the UK and Europe.

"We've scrummed down, with packed tight and together we've got the ball over the line, and we have a deal - and I think it's a great deal." - Boris Johnson

New Zealand is on the hunt for new trading opportunities across the globe, both to help the economic recovery, and diversify away from China.

The in-principle free trade agreement secured with the UK last week - worth an estimated $1 billion over 15 years to the New Zealand economy - was good news for local exporters.

But a global pandemic has forced much of the negotiation online, and attention turns next to the EU.

Listen to the full podcast

Trade Minister Damien O'Connor has twice travelled to Europe to discuss trade - both with the UK and the European Union.

EU negotiations were formally launched in 2018 but progress has been slow and there have been a few very large bumps in the road along the way.

Work is continuing, however with Prime Minister Jacinda Ardern describing the talks as having reached "a critical juncture".

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Investor state dispute rules - which allows allows foreign firms to sue governments - caused major controversy in previous trade negotiations and was a particular bone of contention in the Trans-Pacific Partnership negotiations as well as its descendent, the CPTPP.

Trade Minister Damien O'Connor says they were ruled out of the UK FTA from the start.

NZ International Business Forum executive director Stephen Jacobi would've preferred they were included - on the basis they give added protection for foreign investors and for New Zealand investments in offshore markets.

"Between the UK and New Zealand would be most unlikely that we would have to have recourse to ISDS because both of us have systems on the rule of law, very similar legal systems and there are plenty of remedies that can be taken through the domestic legal system to address problems between investors and and governments," he says.

"But I think the broader point is that why do we put in place these protections if they can't be adequately backed up?"…

Go to this episode on rnz.co.nz for more details