New Zealand and EU trade agreement to take effect on May 1


Sydney: New Zealand said on Monday that a free trade agreements with European Union will come into effect at may 1after the country Parliament approved deal.
New Zealand informed the EU that it ratified the agreement on Monday, Trade and Agriculture Minister Todd McClay Said in a statement.
Wellington and Brussels The agreement was signed in July 2023, with the European Parliament ratifying its party to the agreement in November.
New Zealand hopes the deal will benefit its beef, lamb, butter and cheese industries, while also removing tariffs on other exports such as its coveted kiwi fruit.
The EU will remove tariffs on its exports including clothing, chemicals, pharmaceuticals and cars, as well as wine and confectionery.
The EU is New Zealand's fourth-largest trading partner, with two-way goods and services trade worth NZ$20.2 billion ($12.10 billion) in 2022, according to government data.

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