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

The European Union and New Zealand on Thursday said 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 per cent as a result of the deal, with removing tariffs alone saving businesses 140 million euros (USD 146 million) in duties per year.

The 27-nation bloc said EU investment flows into New Zealand could increase by over 80 per cent.

Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost 7.8 billion euros in 2021. The EU is New Zealand's third-biggest trade partner.