EU, New Zealand strike free trade deal after 4 years’ talks

BRUSSELS (AP) — The European Union and New Zealand say they have concluded a free trade deal after four years of negotiations. According to the EU, trade with New Zealand is expected to increase by 30% as a result of the deal, with removing tariffs alone saving businesses €140 million in duties per year. The 27-nation bloc said Thursday that EU investment flows into New Zealand could increase by over 80%. Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost €7.8 billion in 2021. The EU is New Zealand’s third-biggest trade partner.