BRUSSELS (AP) — The European Union and New Zealand say they have concluded a free trade deal after four years of negotiations.
According to the EU, trade with New Zealand is expected to increase by 30% as a result of the deal, with removing tariffs alone saving businesses (euro)140 million ($146 million) in duties per year.
The 27-nation bloc said Thursday that EU investment flows into New Zealand could increase by over 80%. Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost (euro)7.8 billion in 2021. The EU is New Zealand’s third-biggest trade partner.