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.
