Mr Peters noted that Conservative MP and London Mayor Boris Johnson supported an exit from the EU and had backed travel and work zones between Britain, New Zealand, Australia and Canada.
"Based on the highly successful Transtasman Travel Arrangement, it shows the opportunity that is within our grasp," Mr Peters said.
"While 'Brexit' is an opportunity for not just New Zealand businesses, product and people, it is an excellent opportunity to heal a rift dating back to 1973."
He said the pursuit of a free trade deal with Europe was "a fiction" because Europe still had farm subsidies.
"New Zealand First believes our oldest and most successful trade agreement with Australia, CER, provides the ideal template for Closer Commonwealth Economic Relations, or CCER.
He said it could become a model for a high quality future agreement not just with Britain but Canada, South Africa and India.
On the issue of Russia, Mr Peters said Prime Minister John Key had wrecked New Zealand's trading relationship with Russia in asking exporters to show constraint in solidarity with Europe.
A free trade deal negotiated with Russia by former Trade Minister Tim Groser was put on ice in the wake of Russia annexing Crimea and subsequent sanctions that followed.
Russia retaliated against sanctions by blocking food exports from Europe. The New Zealand Government asked major New Zealand dairy and beef exporters to show some solidarity with Europe by not taking advantage and replacing European suppliers.
Mr Peters said Europe's trade with New Zealand's markets, such as the United States, Korea, and China, had increased during the same period.
"New Zealand First is committed to rehabilitating the trade relationship with Russia that Mr Key went out of his way to wreck."