EU approves trade agreement with New Zealand

The Council of the European Union (EU) announced that it approved the termination of the trade agreement between the EU and New Zealand at the meeting of trade ministers of the member states in Brussels.

The statement highlighted that within the framework of the decision adopted, the EU has completed the legal process necessary for the agreement to enter into force.

The statement states that the agreement will liberalize trade and investment and foster closer economic relations, and that this will create significant economic opportunities for businesses and consumers on both sides.

The statement recalled that the EU is New Zealand’s third trading partner and highlighted that mutual trade reached 9.1 billion euros last year.

EXPECTED 30 PERCENT INCREASE IN BINARY TRADING

The statement states that the trade agreement will largely eliminate customs duties, which is expected to increase bilateral trade by 30 percent and will also increase investment by EU companies in New Zealand. .

Trade deal negotiations between the EU and New Zealand concluded last year. Approval from member states and the European Parliament (EP) was awaited for the agreement to come into force.

The agreement was approved by the AP last week.

The agreement is expected to come into force in the first months of 2024 after being approved by New Zealand. (AA)