EU, New Zealand Prepare to Start Talks on Trade Deal

According to a statement published by the EU executive body, European Union and New Zealand are due to engage in formal talks soon on the creation of a common trade zone.

BRUSSELS (Sputnik) – The European Union and New Zealand are due to engage in formal talks soon on the creation of a common trade zone, according to a statement published Thursday by the EU executive body.

"Today we committed to start the process for negotiations to achieve swiftly a deep and comprehensive high-quality Free Trade Agreement," New Zealand's Prime Minister John Key, European Commission President Jean-Claude Juncker and European Council President Donland Tusk said in a joint statement.

The statement added that discussions to define the "scope and overall approach" of the trade talks will start "as soon as possible."

The 28-nation EU bloc hopes that a trade pact with New Zealand will support sustainable growth and investment, open up new trade and business opportunities and create more jobs.

The European Union and New Zealand are both participating in talks on a Trade in Services Agreement (TiSA) between 23 parties, including the United States.