On 30 June 2022, the EU and New Zealand concluded negotiations for a Trade Agreement, which is set to open significant economic opportunities for companies and consumers on both sides.
Bilateral trade is expected to grow by up to 30%, with EU annual exports potentially growing by up to €4.5 billion. EU investment into New Zealand has a potential to grow by up to 80%. The deal can cut some €140 million a year in duties for EU companies from the first year of application.
The agreement will provide new opportunities for businesses by:
- eliminating all tariffs on EU exports to New Zealand
- opening the New Zealand services market in key sectors such as financial services, telecommunications, maritime transport and delivery services
- facilitating data flows, predictable and transparent rules for digital trade and a secure online environment for consumers.
- significantly reducing compliance requirement and procedures to allow for quicker flow of goods
EU farmers will have much better opportunities to sell their produce in New Zealand immediately upon application of the agreement. Tariffs will be eliminated as of day one on key EU exports such as pigmeat, wine and sparkling wine, chocolate, sugar confectionary and biscuits.
The agreement takes into account the interests of EU producers of sensitive agricultural products: several dairy products, beef and sheep meat, ethanol and sweetcorn. For these sectors, the agreement will allow zero or lower tariff imports from New Zealand only in limited amounts (through so-called Tariff Rate Quotas).
Source: https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4158
