New Zealand said on Monday that its free trade agreement with the European Union will come into effect on May 1, subject to approval by the New Zealand Parliament.
New Zealand notified the EU earlier on Monday that it had ratified the deal, Trade and Agriculture Minister Todd McLay said in a statement.
Wellington and Brussels signed the agreement in July 2023, with the European Parliament ratifying one side of the agreement in November.
New Zealand expects the deal to benefit its beef, lamb, butter and cheese industries and remove tariffs on other exports such as its iconic kiwi fruit.
The EU will eliminate tariffs on its exports, including clothing, chemicals, medicines and cars, as well as wine and confectionery.
The EU is New Zealand’s fourth largest trading partner, with two-way trade in goods and services reaching $12.1 billion in 2022, according to government data.
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
