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SYDNEY: New Zealand stated on Monday a free trade agreement with the European Union would come into effect on May 1, after the nation’s parliament ratified the deal.
New Zealand notified the European Union it ratified the agreement earlier on Monday, Trade and Agriculture Minister Todd McClay stated in an announcement.
Wellington and Brussels signed the deal in July 2023, with the European Parliament ratifying its aspect of the agreement in November.
New Zealand expects the deal to profit its beef, lamb, butter and cheese industries, in addition to eradicating tariffs on different exports like its iconic kiwi fruit.
The EU will see tariffs lifted on its exports together with clothes, chemical substances, prescription drugs and automobiles, in addition to wine and confectionary.
The EU is New Zealand’s fourth-largest trade associate, in accordance to authorities knowledge, with two-way items and providers trade price NZ$20.2 billion ($12.10 billion) in 2022.
New Zealand notified the European Union it ratified the agreement earlier on Monday, Trade and Agriculture Minister Todd McClay stated in an announcement.
Wellington and Brussels signed the deal in July 2023, with the European Parliament ratifying its aspect of the agreement in November.
New Zealand expects the deal to profit its beef, lamb, butter and cheese industries, in addition to eradicating tariffs on different exports like its iconic kiwi fruit.
The EU will see tariffs lifted on its exports together with clothes, chemical substances, prescription drugs and automobiles, in addition to wine and confectionary.
The EU is New Zealand’s fourth-largest trade associate, in accordance to authorities knowledge, with two-way items and providers trade price NZ$20.2 billion ($12.10 billion) in 2022.
