New Zealand and the European Union have signed a Free Trade Agreement that will provide significant new trade access to our fourth-largest trading partner.
“The EU FTA will increase our exports to the EU by up to $1.8 billion per year by 2035,” says Prime Minister Chris Hipkins.
“Tariff savings on New Zealand exports are $100 million from day one of the agreement entering into force, the highest immediate tariff saving delivered by any New Zealand FTA. That’s around three times the immediate savings from the UK FTA.”
Minister for Trade and Export Growth Damien O’Connor said the NZ-EU FTA will cut costs and support exporters to grow and diversify their trade.
“It will provide significant new opportunities for our world-leading exporters of products such as kiwifruit, seafood, onions, honey, wine, butter, cheese, beef and sheep meat.
“This new access will help to accelerate our post-COVID recovery, while providing a boost to our regions as they grapple with the longer-term effects of Cyclone Gabrielle,” he says.
“New Zealand producers are some of the most sustainable in the world and these credentials resonate well with EU consumers.
“New Zealand and the EU share similar values and a commitment to high labour, environment and animal welfare standards.
“The NZ-EU FTA includes ambitious sustainable trade outcomes in a range of areas, including climate change, labour rights, women’s economic empowerment, environmentally harmful fisheries and fossil fuel subsidies,” says O’Connor.
“We’ve got to keep on our path to lower emissions if we want high quality trade deals that benefit our economy.”
It is anticipated that the NZ-EU FTA will enter into force in the first half of 2024.
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