Sunday, August 7

EU, New Zealand strike free trade deal after 4 years’ talks

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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.