Connect with us

Hi, what are you looking for?

Business News

European Union And New Zealand Sign Free Trade Deal That’s Expected To Boost Trade By Up To 30%

Swedish Minister for International Development Cooperation and Foreign Trade Johan Forssell addresses a media conference on the EU-New Zealand free trade agreement at the European Council building in Brussels, Tuesday, June 27, 2023. The EU is New Zealand's third-biggest trade partner. (AP Photo/Virginia Mayo)

Swedish Minister for International Development Cooperation and Foreign Trade Johan Forssell addresses a media conference on the EU-New Zealand free trade agreement at the European Council building in Brussels, Tuesday, June 27, 2023. The EU is New Zealand’s third-biggest trade partner. (AP Photo/Virginia Mayo)

WELLINGTON, New Zealand (AP) — The European Union signed a free trade agreement with New Zealand on Monday that the two sides expect will increase bilateral trade by up to 30% within a decade.

New Zealand will gain up to 1.8 billion New Zealand dollars ($1.1 billion; €1 billion) in exports to the 27-country bloc every year, a government statement said.

The deal brokered over five years will cut NZ$248 million ($153 million; €140 million) a year in duties, a European Commission statement said.

“New Zealand is a key partner for us in the Indo-Pacific region and this free trade agreement will bring us even closer together. With today’s signature, we have taken an important step in making the agreement a reality,” European Commission President Ursula von der Leyen said.

Duties will be removed on 91% of New Zealand’s goods exported to the EU from the start of the agreement, rising to 97% after seven years.

The deal has yet to be ratified by the two sides’ parliaments and a start date set.

Copyright 2021 Associated Press. All rights reserved.

Source: https://hosted.ap.org/article/7f35faa4fc0fc555bc2e72d17bf25187/european-union-and-new-zealand-sign-free-trade-deal-thats

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Business News

TAMPA, Fla. (AP) — A fight between two groups turned deadly in Florida when a shooting in a Tampa street during Halloween festivities resulted...

Business News

PORTO-NOVO, Benin (AP) — For many people in Benin, the forests empowered them before they were born, or in the first months of their...

Business News

WASHINGTON (AP) — As the 3-week-old Israel-Hamas war enters what Israeli Prime Minister Benjamin Netanyahu says could be a “long and difficult” new stage, President Joe Biden is calling on Israeli and...

Business News

DEIR AL-BALAH, Gaza Strip (AP) — Thousands of people broke into aid warehouses in Gaza to take flour and basic hygiene products, a U.N....

Copyright © 2023 Newsworthy News | Global | Political | Local | All News | Website By: Top Search SEO