The EU-New Zealand trade agreement entered into force Wednesday. The deal, which is expected to cut EUR140 million a year in duties for EU companies, offers new export opportunities to businesses, producers and farmers in the European Union.
The European Commission estimates that with this deal, EU-New Zealand trade is expected to grow by up to 30 percent within a decade, with EU exports potentially growing by up to EUR4.5 billion annually.
This 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, the agreement protects the full list of EU wines and spirit, such as Prosecco and Champagne, as well as 163 of the most renowned traditional EU products, such as Feta cheese, Istarski prsut ham and Lubecker Marzipan.
Under the deal, 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; and Improved access for EU companies to New Zealand government procurement contracts for goods, services, works and works concessions.
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