- The EU and New Zealand signed a free trade agreement on July 9, 2023.
- The agreement includes the gradual elimination of customs duties on originating goods imported into New Zealand, and the reduction of compliance requirements and procedures for faster movement of goods.
- The abolition of customs duties on imports to New Zealand will save EU entrepreneurs approximately EUR 140 million per year, starting from the first year of the agreement.
- The agreement is expected to increase bilateral trade by 30% within a decade, with an estimated increase in annual EU exports of €4.5 billion.
- The agreement is currently pending approval by the European Parliament and requires ratification in both the EU and New Zealand.
- Details of the contract are available on the website of the European Commission and the text of the agreement in English is available there as well.
Source Deloitte
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