EU completes ratification of state-of-the-art trade agreement with New Zealand

The EU has ratified a free trade agreement with New Zealand, which is expected to cut duties for EU companies by €140 million a year and increase bilateral trade by up to 30% within a decade.
The agreement also includes sustainability commitments, such as respecting the Paris Climate Agreement and core labor rights.
This agreement strengthens the EU’s engagement in the Indo-Pacific region and provides new export opportunities for businesses.
It eliminates tariffs on EU exports to New Zealand, opens the New Zealand services market, ensures non-discriminatory treatment for investors, improves access to government procurement contracts, facilitates data flows, and reduces compliance requirements.
The agreement also benefits EU farmers by eliminating tariffs on key exports and protecting EU wines, spirits, and traditional products in New Zealand.
However, sensitive agricultural sectors will not be liberalized, and limited amounts of imports will be allowed through Tariff Rate Quotas.
The agreement includes ambitious sustainability commitments, such as a dedicated sustainable food systems chapter, trade and gender equality provisions, and reform of fossil fuel subsidies.
The agreement is expected to enter into force in 2024 after New Zealand completes its ratification procedure.

Free Trade Agreement