7. Question No. 7—Trade and Export GrowthIBRAHIM OMER (Labour) to the Minister for Trade and Export GrowthQuestion No. 7—Trade and Export Growth7. IBRAHIM OMER (Labour) to the Minister for Trade and Export Growth: What recent announcements has he made about prospects for New Zealand's trade?Hon DAMIEN O'CONNOR (Minister for Trade and Export Growth): It was my privilege to travel to Brussels with the Prime Minister last week to officially sign New Zealand's free-trade agreement with the European Union. This is a groundbreaking free-trade agreement that delivers our exporters unprecedented access to a market of 450 million people and an economy worth around $27 trillion. We expect that the European Union - New Zealand Free Trade Agreement (EU-NZ FTA) will increase our exports to the EU by up to $1.8 billion per year by 2035. I'd also like to take this opportunity to thank the negotiating team and all the officials who worked so hard to help us secure this fantastic deal for New Zealand.Ibrahim Omer: How will the EU-NZ FTA benefit New Zealand business?Hon DAMIEN O'CONNOR: I'll try and summarise it briefly: once the FTA enters into force 91 percent of New Zealand's goods exports to the EU will be duty free and that rises to 97 percent after just seven years. From day one Kiwi exporters will save $100 million in tariff reductions the highest immediate tariff savings ever delivered by a New Zealand free-trade agreement. This Government understands that trade is key to our economy and we're committed to securing high-quality agreements like the EU-NZ FTA which will cut costs for exporters boost opportunities for small businesses and create and protect jobs for Kiwi families.Ibrahim Omer: How does the EU-NZ FTA support New Zealand's primary sector?Hon DAMIEN O'CONNOR: Well the EU-NZ FTA brings new opportunities and huge benefits for our world-leading primary sector exporters. Our horticultural sector will see $46 million in tariffs slashed from day one; our fish and seafood producers will see immediate removal of $20 million in tariffs; major honey exporting regions like Northland Hawke's Bay and Coromandel will benefit from the phased removal of 17 percent tariff on honey over three years and for mānuka honey that will be eliminated from day one. Our dairy and red meat sectors will see the opportunity for over $600 million in additional export revenue to the EU per year once fully implemented with quotas that if filled could see New Zealand provide 60 percent of the EU's butter imports and 96 percent of the EU's sheep meat imports. This Government understands the role that export earnings play in the success of our primary industries and the EU-NZ FTA delivers new opportunities for our primary producers.Ibrahim Omer: How does the EU-NZ FTA support the Government's Trade Recovery Strategy? Hon DAMIEN O'CONNOR: This Government recognises that trade is crucial to our economic success and we know that one in four New Zealanders' jobs depend upon trade. That's why as part of our Trade Recovery Strategy we're committed to opening as many doors as possible for Kiwi exporters. Since 2017 since this Government came in this Government has secured seven new or upgraded free-trade agreements: Comprehensive and Progressive Agreement for Trans-Pacific Partnership—Hon David Parker: How many did they do?Hon DAMIEN O'CONNOR: Thank you Mr Parker—Regional Comprehensive Economic Partnership the EU - NZ FTA the United Kingdom - New Zealand Free Trade Agreement ASEAN - Australia - New Zealand Free Trade Agreement and China and Singapore trade upgrades. Labour's record on trade is historic and we have delivered time and time again for our exporters and our economy.