After more than a decade, NZ has finally signed a free trade deal with the European Union. It was the first order of business for Prime Minister Chris Hipkins. It has been a long time coming, and last year marked the breakthrough for the free trade agreement (FTA) that will eventually deliver billions of dollars of export savings.
Eventually, 97 percent of New Zealand's current exports to the EU will be duty-free, with more than 91 percent of tariffs removed the day the deal comes into effect. There will be immediate tariff elimination for all kiwifruit, wine, onions, apples, mÄnuka honey and manufactured goods, as well as for almost all fish and seafood, and other horticultural products.
Once fully in place, the FTA will deliver new quota opportunities worth more than $600 million in annual export earnings, with an eight-fold increase to the amount of beef able to be sold into Europe. Duty free access for sheep meat has been expanded by 38,000 tons each year.
Source: rnz.co.nz