New Zealand said on Monday that a free trade agreement with the European Union would come into force on May 1, after the country’s parliament ratified the agreement.
New Zealand notified the European Union that it had ratified the agreement earlier on Monday, Trade and Agriculture Minister Todd McClay said in a statement.
Wellington and Brussels signed the agreement in July 2023, and the European Parliament ratified its part of the agreement in November.
New Zealand hopes the deal will benefit its beef, lamb, butter and cheese industries, as well as removing tariffs on other exports such as its iconic kiwi.
The EU will see tariffs removed on its exports, including clothing, chemicals, pharmaceuticals and cars, as well as wine and sweets.
The EU is New Zealand’s fourth largest trading partner, according to government data, with two-way trade in goods and services worth $12.1 billion in 2022.
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