- 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.
Source ec.europa.eu
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