New Zealand announced on Monday that a free trade agreement with the European Union is scheduled to take effect on May 1, following the ratification of the deal by the country's parliament.
Trade and Agriculture Minister Todd McClay stated in a release that New Zealand had notified the European Union of its ratification earlier on Monday.
The agreement, signed by Wellington and Brussels in July 2023, received ratification from the European Parliament in November.
The upcoming trade deal is anticipated to bring significant benefits to New Zealand's agricultural sectors, particularly beef, lamb, butter, and cheese industries. Additionally, it will eliminate tariffs on other key exports such as the iconic kiwi fruit.
Conversely, the European Union will witness the removal of tariffs on its exports, including clothing, chemicals, pharmaceuticals, cars, wine, and confectionery.
According to government data, the EU stands as New Zealand's fourth-largest trade partner, with bilateral goods and services trade amounting to NZ$20.2 billion ($12.10 billion) in 2022.
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