When Britain became a full member of the European Economic Community (EEC) in 1973 New Zealand lost access to its traditional market. However, through the Luxembourg agreement, reached in 1971, Britain secured a special arrangement for New Zealand’s butter, cheese and lamb trades to new markets in the EEC. The deal was for a limited period, and had to be revisited, but it did buy New Zealand time to diversify its products and to develop new markets.
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Source: Statistics New Zealand