Success! New Zealand - European Union Free Trade Agreement Signed
On 9 July 2023, the EU and New Zealand signed their free trade agreement (FTA), which will deliver significant gains for the EU. The deal will cut some €140 million a year in duties for EU companies from the first year of application. As a result, bilateral trade is expected to grow by up to 30% within a decade, thanks to this deal, with EU annual exports potentially growing by up to €4.5 billion. NZ exports to the EU are expected to rise by $1.8 billion a year. EU investment into New Zealand has a potential to grow by up to 80%. This landmark agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights. It is anticipated that the FTA will be ready to enter into force in the first half of 2024.
