- The EU Council has adopted a decision to sign a free trade agreement with New Zealand, which is expected to be signed later.
- The agreement aims to liberalize and facilitate trade and investment, as well as promote a closer economic relationship between the two partners.
- Once in force, bilateral trade is expected to grow by up to 30%, with EU exports potentially growing by up to €4.5 billion and EU investment into New Zealand potentially growing by up to 80%.
- The agreement eliminates tariffs on key EU exports to New Zealand, opens New Zealand’s services market in key sectors, ensures non-discriminatory treatment to EU investors in New Zealand, improves access for EU companies to New Zealand government procurement contracts, protects EU wines and spirits and traditional EU products, facilitates data flows, and protects intellectual property rights.
- The agreement is also aligned with the EU’s new approach to trade and sustainable development and includes provisions on sustainable food systems, trade and gender equality, and trade and fossil fuel subsidies reform.
- After the signing takes place, the agreement will need to be ratified by the European Parliament and New Zealand before entering into force.
Source consilium.europa.eu
