New Zealand
EU completes ratification of state-of-the-art trade agreement with New Zealand
The EU has completed political procedures ratifying the ambitious free trade agreement (FTA) with New Zealand. The decision by the Council of the European Union comes less than a week after the European Parliament gave its consent. The deal is expected to cut some €140 million a year in duties for EU companies. As a result, bilateral trade is expected to grow by up to 30% within a decade, with EU exports growing by up to €4.5 billion annually. EU investment into New Zealand is expected to grow by up to 80%.
This landmark agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights. Trade agreements form part of the EU's open trade – or ‘partnering' - approach, which is one of the three goals of the European Economic Security Strategy presented in June. This agreement also strengthens the EU's engagement in the strategically and economically important Indo-Pacific region.
Before the agreement can enter into force, New Zealand will need to complete its ratification procedure. This is expected to happen in the first or second quarter of 2024.
You will find more information in the press release.
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