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EU, New Zealand Conclude Negotiations on Free-Trade Agreement

Wine barrels sit in a cellar at a winery in Pomerol, France.

Wine barrels sit in a cellar at a winery in Pomerol, France.

Photographer: Balint Porneczi/Bloomberg

The European Union and New Zealand concluded talks on a new free-trade agreement Thursday. The two regions do about 11.5 billion euros ($12 billion) of trade in goods and services a year.  

Under the deal, tariffs will be eliminated on a range of products such as pig meat, wine and chocolate, saving EU businesses around 140 million euros in duties a year, European Commission Executive Vice-President Valdis Dombrovskis told reporters on Thursday. The accord will boost the bloc’s exports to New Zealand by as much as 4.5 billion euros per year.