The European Union concluded negotiations on a comprehensive trade agreement with New Zealand on June 30, 2022. The agreement was signed by both sides on July 9, 2023. Before it can enter into force, New Zealand must complete its ratification process. This is expected to happen in the first or second quarter of 2024.
The EU is New Zealand's third largest trading partner. Bilateral trade in goods between the two partners has increased steadily in recent years. According to the EU, the new trade agreement is expected to reduce tariffs for EU companies by around 140 million euros in the first year of application. This should increase bilateral trade by up to 30% 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 the first agreement to implement the EU's new approach to trade and sustainable development. It contains far-reaching commitments on sustainability, such as compliance with the Paris Agreement and fundamental workers' rights.
Link:
The EU-New Zealand trade agreement
EU ratifies free trade agreement with New Zealand
Source: