The European Union and New Zealand signed their Free Trade Agreement
The European Union (EU) and New Zealand have signed a free trade agree-ment (FTA) on 9 July 2023 that is expected to bring significant benefits to both parties.
The FTA will lead to a reduction of EUR 140 million in duties for EU companies annually and is projected to increase bilateral trade by up to 30 percent within ten years. This growth could result in up to EUR 4.5 billion in additional EU ex-ports each year, with EU investment in New Zealand potentially expanding by up to 80 percent.
Notably, the agreement includes unprecedented sustainability commitments, encompassing the Paris Climate Agreement and core labour rights.
Negotiations for the FTA began in June 2018 and concluded with 12 rounds of discussions in June 2022. The agreement was announced by President von der Leyen and then New Zealand Prime Minister Ardern, with Executive Vice-Presi-dent Dombrovskis and New Zealand Trade Minister O'Connor leading the negotiations on both sides.
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