EU opens free trade talks

The European Union (EU) has launched free trade negotiations with New Zealand. 

The EU’s Trade Commissioner, Cecilia Malmstrom recently travelled to New Zealand in order to talk with Trade Minister David Parker. 

"Today is an important milestone in EU- New Zealand relations. Together, we can conclude a win-win agreement that offers benefits to business and citizens alike," said Malmström on Thursday. 

The EU is New Zealand’s single largest source of goods imports, which are dominated by motor vehicles, aircraft and pharmaceuticals.

New Zealand imported $3 billion in services and $10.4 billion in goods from the EU (including the United Kingdom) in 2017, according to Stats NZ. 

Two-way trade between New Zealand and the EU is worth nearly NZ$22 billion annually. Excluding the United Kingdom, the trading relationship is worth about NZ$16 billion.

Trade negotiators from both sides will meet for the first formal round of talks next month in Brussels.