EU Ratifies New Zealand FTA

The EU this week ratified its free trade deal with New Zealand (see 2307100014), setting up the agreement to take effect after New Zealand’s ratification, which the bloc is expecting in the first or second quarter of 2024. The deal is expected to cut about 140 million euros, or about $150 million, a year in duties for EU companies, the EU said, including by eliminating all tariffs on EU exports to New Zealand. The bloc specifically said EU farmers will have “much better opportunities to sell their produce,” including shipments of pork, wine and sparkling wine, chocolate, sugar confectionery and biscuits. New Zealand exports of dairy products, beef, sheep, ethanol and sweetcorn also will benefit from lower EU duties through tariff rate quotas.