EU/New Zealand: Trade Agreement ratified by EU
Brussels has just completed the procedures for ratifying the Free Trade Agreement (FTA) with Wellington.
On Wednesday 22 November, the European Parliament approved the free trade agreement between Brussels and Wellington (cf.EU/New Zealand Free Trade Agreement (FTA): A New Era of Trade Cooperation). As a result, the EU Council also adopted the text on Monday 27 November. This is the only remaining signature of New Zealand, which is expected to be signed atfirst or second quarter 2024, for this Treaty to come into force.
If there was any debate in the European Parliament on certain aspects of agriculture, it was nothing. This agreement will enabledelete customs dutieson all European exports to New Zealand as well as on the majority of imports into the European Union of New Zealand products (98.5%), generating a saving of around EUR 140 million per year for EU companies. A 30% increase in bilateral trade is expected within 10 years, with EU exports of up to EUR 4.5 billion per year. EU investment in New Zealand could jump by 80%.
Brussels is Wellington's third trading partner, which exports mainly agricultural products (wine, fruit, meat, etc.). The trade agreement will protect the complete list of EU wines and spirits (nearly 2 000 names) and over 163 traditional products.
This historic pact also includes commitments to sustainability, including compliance with the Paris climate agreement and fundamental labour rights.
Source(s): European Commission
Editor(s): C. Bedouin