3. Question No. 3—FinanceTAMATI COFFEY (Labour—Waiariki) to the Minister of FinanceQuestion No. 3—Finance TAMATI COFFEY (Labour—Waiariki): My question is to the Minister of Finance and asks—Hon Amy Adams: Busy day for Grant.SPEAKER: Order! Did—that member didn't? So it was only Amy Adams who interjected? Hon Amy Adams: I did. I apologise.SPEAKER: Well stand up and apologise all right?Hon Amy Adams: Now that you've asked me to I withdraw and apologise sir.SPEAKER: Thank you. Start again Mr Coffey.3. TAMATI COFFEY (Labour—Waiariki) to the Minister of Finance: What effect if any would Brexit have on the New Zealand economy?Hon GRANT ROBERTSON (Minister of Finance): We continue to pay close attention to how Brexit unfolds. The UK's departure from the EU would have a range of implications for New Zealand and New Zealanders. Current uncertainty means it is important for us to prepare for the full range of potential outcomes. Treasury's assessment is that a no-deal Brexit would likely have a small overall negative impact on the New Zealand economy mainly due to disruption of some specific New Zealand businesses and industries. For example UK tourist numbers could fall Kiwi goods could face delays at the UK border and importers could face supply disruptions. This morning the UK parliament voted to take a no-deal Brexit off the table permanently. However as there remains no clear outcome to the Brexit process we will continue to monitor and plan for all contingencies.Tamati Coffey: How is the Government working to ensure stability for New Zealanders and New Zealand businesses through this uncertain period?Hon GRANT ROBERTSON: Our aim is to ensure maximum continuity and stability for New Zealand interests through the Brexit process and to help New Zealanders who could be affected by Brexit to prepare for the full range of possible outcomes. New Zealand Government officials have established an interagency task force that is analysing and identifying areas where New Zealanders may be affected and is working to mitigate these risks. The Government has also been conducting outreach in the business community including through a series of seminars led by New Zealand Trade and Enterprise and involving other Government agencies to help businesses prepare for Brexit as well as a regular newsletter update to exporters. I encourage all New Zealand businesses that may be affected by Brexit to consider the implications of the full range of scenarios for their business and ensure that they have contingency plans in place.Tamati Coffey: What are the potential implications of Brexit for trade policy and settings?Hon GRANT ROBERTSON: New Zealand and the UK have signed two agreements that will help ensure continuity and stability in the regulatory arrangements underpinning New Zealand's trade. Looking ahead both the UK and New Zealand Governments have publicly signalled their intention to negotiate a high-quality comprehensive bilateral free-trade agreement once the UK is in a position to do so. Beyond this we are also working to negotiate free-trade agreements with the European Union the Pacific Alliance as well as continuing to conclude the Regional Comprehensive Economic Partnership and upgrading our China free-trade agreement. By continuing to open up new markets we can ensure our export sector is more diversified and more resilient while continuing to grow.Hon Todd McClay: What guarantees can the Government give exporters that tariff rates will not increase in a post - hard Brexit—particularly for lamb and butter exports which currently enter the UK at a zero tariff rate within special quotas—and why did the Government not raise this when the Prime Minister gave assurances that New Zealand exporters would be no worse off in the post-Brexit arrangement during her recent visit to the United Kingdom? SPEAKER: The Minister may answer as many of the three questions as he wants to. Hon GRANT ROBERTSON: I can answer on behalf of myself which is issues around tariff rate quotas were something that I raised when I was in Brussels and the UK in January. Hon Todd McClay: What guarantees can the Government give New Zealand exporters—particularly for butter and lamb exports to the United Kingdom—in the post-Brexit hard Brexit arrangement that their tariff rate within that quota won't go up? Hon GRANT ROBERTSON: That is exactly the issue that I alluded to where New Zealand is not alone in concerns about these issues and we are continuing to raise them both in the European Union context and in the UK.