EU and New Zealand sign free trade agreement

The European Union says it has signed a free trade agreement with New Zealand after four years of negotiations.

The European Union and New Zealand say they have reached a free trade agreement after four years of negotiations.

According to the EU, trade with New Zealand is expected to increase by 30 percent as a result of the deal, with the removal of tariffs alone saving 140 million euros ($A211 million) in import duties per year.

The 27-member bloc said on Thursday that investment flows from the EU to New Zealand could increase by more than 80 percent.

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Bilateral trade in goods between the two partners has steadily increased in recent years to nearly €7.8 billion in 2021.

The EU is New Zealand’s third largest trading partner.