The European Union and New Zealand signed on Sunday their free trade agreement (FTA) to expand bilateral cooperation.
The deal will cut some EUR 140 million (USD 153 million) a year in duties for EU companies from the first year of application, said the European Commission in a statement.
Bilateral trade is expected to grow by up to 30% within a decade, thanks to this deal, with EU annual exports potentially growing by up to EUR 4.5 billion (USD 4.9 billion). EU investment into New Zealand has a potential to grow by up to 80%, it noted.
The agreement is now sent to the European Parliament for consent.
Furthermore, the EU’s executive body and New Zealand signed today the association agreement on the participation of New Zealand to Horizon Europe; the EU’s research and innovation programme.
According to reports, this marks the first association with a close partner that is not geographically close to Europe; a completely new approach whereby the EU is strengthening even more its ties with trusted partners that have a solid scientific base and a robust research track record.
Source: Kuwait News Agency