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

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 €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 €7.8 billion in 2021. The EU is New Zealand’s third-biggest trade partner.

Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Related Categories:

Business & Finance | Europe News | World News

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up