New Zealand said on Monday that its free trade agreement with the European Union will come into force on 1 May, after the country’s parliament ratified it.
New Zealand notified the European Union of the agreement’s ratification earlier on Monday, Trade and Agriculture Minister Todd McClay said in a statement.
The EU will remove tariffs on exports of clothing, chemicals, pharmaceuticals and cars, as well as wine and confectionery. New Zealand expects the deal to benefit its beef, lamb, butter and cheese production, as well as removing tariffs on other exports such as kiwi fruit.
Representatives from Wellington and Brussels signed the agreement in July 2023, and the European Parliament ratified its part of the deal in November.
According to government data, the EU is New Zealand’s fourth largest trading partner, with bilateral trade in goods and services totalling NZ$20.2 billion (US$12.10 billion) in 2022.
