EU and New Zealand strike free trade deal

The European Union and New Zealand say they have concluded a free trade deal after four years of negotiations.

According to the EU, trade with New Zealand is expected to increase by 30 per cent as a result of the deal, with removing tariffs alone saving businesses 140 million euro ($A211 million) in duties per year.

The 27-member bloc said on Thursday that EU investment flows into New Zealand could increase by more than 80 per cent.

Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost 7.8 billion euro in 2021.

The EU is New Zealand’s third-biggest trade partner.