The European Union has signed a free trade agreement with New Zealand that the two sides expect will increase bilateral trade by up to 30% within a decade. The New Zealand government said it expects to gain up to 1.8 billion New Zealand dollars ($1.1 billion; €1 billion) in exports to the 27-country bloc every year. The European Commission says the deal, brokered over five years, will cut NZ$248 million ($153 million; €140 million) a year in duties. The deal has yet to be ratified by the two sides' parliaments and a start date set.
