Only time will tell just how much New Zealand will benefit, from its new free trade agreement with the UK

The UK has promised to eventually eliminate tariffs for all New Zealand exports -- with tariffs on more than 97-percent of products being cut as soon as the deal takes effect.

The FTA could be worth close to a billion dollars to New Zealand's economy.

But Federated Farmers President Andrew Hoggard says some previous trade deals have ended up having even greater benefits.