The free trade agreement between the EU and New Zealand will enter into force earlier than planned, namely on May 1, 2024, as announced by the New Zealand government in a press release on March 25, 2024.
According to the EU, the "New Zealand-European Union Free Trade Agreement (NZ-EUFTA)" is expected to bring tariff reductions for EU companies of around 140 million euros per year in its first year of application. The contracting parties hope that this will lead to a growth in bilateral trade of up to 30 percent within a decade. EU investments in New Zealand could increase by up to 80 percent.
The free trade agreement between the EU and New Zealand is intended to open up new opportunities for companies, for example by abolishing all customs duties on exports from the EU to New Zealand.
Farmers from the EU should also have significantly better opportunities to sell their products in New Zealand once the agreement comes into force.
For the first time, commitments from the Paris Agreement have also been included in a trade agreement.
Link:
NZ-EU FTA gains Royal Assent for 1 May entry to force | Beehive.govt.nz
Source:
New Zealand Government