15 Dec New Zealand Secures European Union (EU) Trade Deal
The European Parliament has approved the European Union’s free trade agreement with New Zealand (NZ), which may come into effect in early 2024.
This agreement will remove 140 million euros ($A233 million) of annual tariffs on EU exports such as clothing, chemicals, pharmaceuticals and cars, as well as wine and confectionary, whilst the EU will increase its quota of New Zealand beef and raise volumes for lamb, butter and cheese by 10,000 tonnes.
The EU is NZ’s fourth largest trading partner, accounting for 6.1% of New Zealand’s total exports and 14.0% of total imports into New Zealand. In 2022 trade between both parties was worth NZ$20.2 billion and with this agreement having the potential to boost trade by 30%, it represents a huge opportunity for New Zealand exporters, opening up a market with a combined population of close to 450 million people.
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