The EU-New Zealand trade agreement
The trade agreement between the European Union and New Zealand entered into force on 1 May 2024.
Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost €9.1 bn in 2022.
The EU is New Zealand's third-biggest trading partner.
According to an impact assessment on the FTA, trade between New Zealand and the EU is expected to increase by 30%, with removing tariffs alone saving businesses €140 million in duties per year. Moreover, EU investment flows into New Zealand could increase by over 80%.
The agreement:
- Creates significant economic opportunities for companies, farmers and consumers;
- Respects the Paris Climate Agreement and core labour rights, enforceable through trade sanctions as a last resort, and:
- Cements EU ties with a like-minded ally in the economically dynamic Indo-Pacific region.
More information:
Publication date: 01/05/2024
