The New Zealand - European Union free-trade agreement will create significant new opportunities for New Zealand exporters into a market of 450 million consumers, in which two-way goods and services trade was already $17.5 billion in 2021. Importantly, the deal helps level the playing field in sectors that have been to date at a disadvantage against many of our key competitors. From day one of the agreement entering into force, there will be tariff savings of around $100 million per year on New Zealand's goods trade to the EU, and the potential for up to $1.8 billion per year in extra export revenue in the EU once the deal is fully in effect. 