The FTA will result in immediate duty savings of around NZ$100 million ($61 million) on New Zealand exports to the EU when it goes into force, Hipkins said on Tuesday.
Modelling predicts that if fully implemented, exports to the EU will grow by up to NZ$1.8 billion per year and contribute up to NZ$1.4 billion to New Zealand’s GDP.
“This is an important milestone towards entry into force of this high-quality and historic free trade agreement,” Hipkins said.
In addition, New Zealand will sign the Horizon Europe Association Agreement.
According to Hipkins, Horizon Europe is the EU’s principal research and innovation framework and financing platform, as well as the world’s largest multinational research program.
Associating with Horizon Europe would provide additional Zealand scientists additional chances to cooperate with European colleagues on research to solve significant global concerns such as climate change, energy, and health, he said.