Belgium (Brussels Morning Newspaper), The EU-New Zealand trade agreement has entered into force.
It will, says the EU, open “new opportunities” for EU exporters.
Under the deal, which comes into effect from 1 May, EU businesses, producers, and farmers are now able to take advantage of a host of new export opportunities.
The EU-New Zealand trade agreement is expected to cut €140 million a year in duties for EU companies.
A commission spokesman said that, thanks to the deal, EU-New Zealand trade is expected to grow by up to 30% within a decade, with EU exports potentially growing by up to €4.5 billion annually.
EU investment into New Zealand has the potential to grow by up to 80%, it is claimed.
The “landmark” agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights.
EU farmers will benefit from the elimination of tariffs on key EU exports such as pig meat, wine and sparkling wine, chocolate, sugar confectionary and biscuits.
“Moreover,” said the spokesman, “the agreement protects the full list of EU wines and spirits (close to 2,000 names), such as Prosecco and Champagne, as well as 163 of the most renowned traditional EU products (Geographical Indications), such as Feta cheese, Istarski pršut ham and Lübecker Marzipan.”
Meanwhile, sensitive EU agricultural products such as beef, sheepmeat and dairy products are protected with carefully designed tariff rate quotas.
EU business can now take advantage of benefits such as:
- Zero tariffs on EU exports to New Zealand.
- A more open New Zealand services market in key sectors such as financial services, telecommunications, maritime transport and delivery services.
- Non-discriminatory treatment of EU investors in New Zealand.
- Improved access for EU companies to New Zealand government procurement contracts for goods, services, works and works concessions.
- A dedicated chapter to help small business exports.
- Significantly reduced compliance requirements and procedures.
Negotiations for a trade agreement with New Zealand started in June 2018 and were concluded on 30 June 2022, when the deal was announced by President von der Leyen and then New Zealand Prime Minister Ardern.
The agreement was signed by both parties on 9 July 2023.
The European Parliament adopted it on 22 November 2023, followed by the adoption of a decision to conclude the agreement by the Council on 27 November 2023. New Zealand completed its ratification procedure on 25 March 2024.
