- The NZ-EU Free Trade Agreement will come into force on 1 May 2024 after years of negotiations
- 91% of tariffs on current goods trade will be eliminated from day one, rising to 97% within seven years
- Estimated tariff savings projected to reach NZD110 million after seven years
- The EU is New Zealand’s fourth-largest trading partner, with two-way trade worth NZD20.2 billion in 2022
- The agreement will provide tariff eliminations and new quota opportunities for goods like beef, dairy, horticulture, fish, seafood, honey, wine, and manufactured products
- New Zealand consumers will benefit from the elimination of tariffs on all EU goods entering New Zealand
- Businesses need to take specific measures to fully capitalize on the advantages of the NZ-EU FTA as the agreement does not automatically apply.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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