New Zealand Signs European Union Free Trade Agreement

Jun

Category:

5th June 2024

New Zealand signed a free trade agreement (FTA) with the European Union on 9 July 2023 in Brussels, which came into force last month on 1 May 2024.

This FTA creates new opportunities, cuts costs through more favourable access to the EU, supports trade diversification and will contribute to New Zealand’s economic resilience.

New Zealand exporters will benefit from significantly improved access into the EU market. New Zealand exporters will be able to compete on a more level playing field in the EU market, particularly against other global exporters who have already secured free trade deals with the EU.

91% of New Zealand’s current trade into the EU will enter duty free from day one through tariff elimination and duty-free quotas. When fully implemented after seven years, 97% of current trade will enter the EU duty-free.

This free trade agreement is particularly important because it sets a new benchmark for sustainability and includes strong and enforceable commitments to protect environment. The Paris Climate Agreement and core labour rights must therefore be respected.