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New Zealand and EU Trade Agreement to Take Effect on May 1


FILE - Dairy cows eat hay after milking on a farm near Oxford, New Zealand, Oct. 8, 2018. New Zealand expects a trade deal with the European UNion to benefit its dairy and other industries.
FILE - Dairy cows eat hay after milking on a farm near Oxford, New Zealand, Oct. 8, 2018. New Zealand expects a trade deal with the European UNion to benefit its dairy and other industries.

New Zealand said Monday a free trade agreement with the European Union would come into effect on May 1, after the country's parliament ratified the deal.

New Zealand notified the European Union it ratified the agreement earlier on Monday, Trade and Agriculture Minister Todd McClay said in a statement.

Wellington and Brussels signed the deal in July 2023, with the European Parliament ratifying its side of the agreement in November.

New Zealand expects the deal to benefit its beef, lamb, butter and cheese industries, as well as removing tariffs on other exports like its iconic kiwi fruit.

The EU will see tariffs lifted on its exports including clothing, chemicals, pharmaceuticals and cars, as well as wine and confections.

The EU is New Zealand's fourth-largest trade partner, according to government data, with two-way goods and services trade worth $12.10 billion in 2022.

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    Reuters

    Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.

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