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The EU and New Zealand have signed their free trade agreement (FTA). The deal will cut some €140 million a year in duties for EU companies from the first year of application. As a result, bilateral trade is expected to grow by up to 30% within a decade, thanks to this deal, with EU annual exports potentially growing by up to €4.5 billion. EU investment into New Zealand has a potential to grow by up to 80%. This landmark agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights.
Tariffs will be eliminated as of day one on key EU exports such as pig meat, wine and sparkling wine, chocolate, sugar confectionary and biscuits.
The agreement is now sent to the European Parliament for its consent. Following the completion of the ratification process in both the EU and New Zealand, the deal enters into force.
July 9, 2023/ European Commission/ European Union.
https://ec.europa.eu
