A Big Step For The NZ EU Free Trade Agreement With 524 Of The 705 Member European Parliament Voting In Favour Of Approving It

A big step for the NZ EU free trade agreement with 524 of the 705 member European Parliament voting in favour of approving it. Outgoing Minister for Trade and Export Growth Damien O’Connor says there was broad support for the agreement from across the European Parliament proving the value the deal has to both New Zealand and Europe. The agreement will provide an annual boost to GDP of up to $1.4 billion, and increase exports to the EU by up to $1.8 billion per year by 2035. Duties are instantly removed on 91% of New Zealand’s goods exports to the EU rising to 97% after seven years and tariff savings of $100 million per year on New Zealand exports such as kiwifruit, mānuka honey, fish and seafood, onions, wine and industrial products. There is also new quota access for beef, sheep meat, butter and cheese – worth hundreds of millions of dollars per year, if filled.