Brussels on Monday gave the final green light to an EU-New Zealand trade deal that, despite mutual reductions in barriers for both markets, underlines the failure of recent negotiations between the EU and Australia.
The European Council said it had accepted the New Zealand pact, setting it to come into force “probably in early 2024” after Wellington ratifies it.
The agreement includes phased duty reductions on New Zealand imports of beef, lamb, wine and fruit such as kiwi, while European exports including machinery and vehicles as well as biscuits, chocolate and wine will also benefit.
Bilateral trade in goods and services currently stands at €9.1bn. It is expected to grow by 30 per cent over ten years thanks to the new agreement.
The New Zealand government estimates that the deal could generate an additional $365 million a year from beef, sheep and dairy exports. The EU, with a population of 450 million, is the third largest export market for New Zealand, which has a population of 5 million.
