The agreement will come into force at an agreed date after New Zealand has passed the implementing legislation and notified the EU.
Benefits of the deal include:
- An annual boost to GDP of up to $1.4 billion, and increase of exports to the EU by up to $1.8 billion per year by 2035.
- Duties removed on 91% of New Zealand’s goods exports to the EU from entry into force, rising to 97% after seven years.
- Tariff savings of $100 million per year on New Zealand exports to the EU from day one – the highest immediate tariff savings of any New Zealand FTA. This includes the removal of tariffs on products like kiwifruit, Mānuka honey, fish and seafood, onions, wine and industrial products.
- Additional quotas for meat and dairy.