The EU and New Zealand signed a free trade agreement on 09 July 2023, in which both sides made commitments in the areas of trade and sustainable development.
The agreement is expected to lead to tariff reductions of around €140 million per year for EU companies from the first year of its application.
The agreement will now be submitted to the European Parliament for approval. Once the ratification process is completed in both the EU and New Zealand, it will enter into force.
The EU-New Zealand FTA is expected to bring new export opportunities for companies large and small, by for example
• all tariffs on exports from the EU to New Zealand are abolished;
• opening up the New Zealand services market in key industries such as financial services, telecommunications, maritime transport and delivery services;
• access for EU companies to New Zealand public tenders for goods, services, construction projects and works concessions is improved;
• small enterprises are helped to increase their exports through a separate chapter on small and medium-sized enterprises.
EU farmers are also expected to have significantly better opportunities to sell their products in New Zealand immediately upon the start of the application of the agreement.
Link:
EU and New Zealand sign ambitious free trade agreement
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