EU-New Zealand trade agreement enters into force 1 May
New Zealand sheep - Photo by NJR ZA
(BRUSSELS) - EU businesses, producers and farmers will benefit from new export opportunities Wednesday with entry into force of the EU-New Zealand trade agreement - with EUR140m a year expected duties savings.
EU-New Zealand trade is expected to grow by up to 30% within a decade, says the Commission, with EU exports potentially growing by up to €4.5 billion annually. EU investment into New Zealand has the potential to grow by up to 80%, it adds. The landmark agreement includes sustainability commitment which include respect of the Paris Climate Agreement and core labour rights.
EU farmers will benefit from the elimination of tariffs on key EU exports such as pig meat, wine and sparkling wine, chocolate, sugar confectionary and biscuits. The agreement also protects a full list of EU wines and spirits (close to 2,000 names), such as Prosecco and Champagne, as well as 163 of the most renowned traditional EU products (Geographical Indications), such as Feta cheese, Istarski pršut ham and Lübecker Marzipan. Meanwhile, sensitive EU agricultural products such as beef, sheepmeat and dairy products are protected with carefully designed tariff rate quotas.
EU business can take advantage of benefits such as:
- Zero tariffs on EU exports to New Zealand.
- A more open New Zealand services market in key sectors such as financial services, telecommunications, maritime transport and delivery services.
- Non-discriminatory treatment of EU investors in New Zealand.
- Improved access for EU companies to New Zealand government procurement contracts for goods, services, works and works concessions.
- A dedicated chapter to help small business exports.
- Significantly reduced compliance requirements and procedures.
Practical information to help EU exporters take advantage of these new opportunities can be found on the Commission's Access2Markets page.