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New Zealand, EU ink trade deal that likely goes into effect in 2024

Lucy Craymer
·1-min read
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels

By Lucy Craymer

WELLINGTON (Reuters) - New Zealand and the European Union signed a free trade agreement overnight Sunday after negotiations were completed in 2022, with expectations it will come into force in the first half of 2024.

New Zealand's Minister for Trade and Export Growth Damien O’Connor said the trade deal will cut costs and support exporters to grow and diversify their trade.

“This new access will help to accelerate our post-COVID recovery, while providing a boost to our regions as they grapple with the longer-term effects of Cyclone Gabrielle,” he added.

The agreement was signed in Brussels by O’Connor and the EU Executive Vice President and Trade Commissioner Valdis Dombrovskis.

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The statement added it is anticipated that the NZ-EU FTA will enter into force in the first half of 2024, once both parties complete the final required legal steps.

($1 = 1.6108 New Zealand dollars)

(Reporting by Lucy Craymer; Editing by Lisa Shumaker)