(VOVWORLD) - The European Council on Monday announced that it has approved a free trade agreement between the EU and New Zealand which will come into force once Wellington ratifies it, "probably in early 2024".
 The EU is New Zealand's third largest trading partner. (File photo: EC) |
The deal provides for a phased-in slashing of duties on imported New Zealand lamb, beef, wine and fruit, particularly kiwi, and imported European machinery and vehicles, chocolate, wine, and biscuits.
Two-way trade in goods and services is currently worth 10 billion USD, but is expected to grow 30 percent in the next decade with this new deal.
New Zealand's government estimates that the deal could bring in an extra 365 million USD annually from exports of beef, sheep, and dairy products.
The EU, with its population of 450 million, is the third-biggest export market for New Zealand, population 5 million.