2023-07-09 11:49:29
Representatives of the EU and New Zealand signed a free trade agreement on Sunday. In addition, New Zealand will be part of the multi-billion dollar research and exchange program Horizon Europe, the EU Commission announced. The next step is for the European Parliament. At the signing, EU Commission President Ursula von der Leyen said that the agreement might increase trade between the two partners by an estimated 30 percent.
EU investment in New Zealand might increase by up to 80 percent, said EU Commission Vice-President Valdis Dombrovskis. According to the EU states, exports from the EU to New Zealand alone might grow by up to 4.5 billion euros per year. According to the information, companies can save around 140 million euros in customs duties in the first year. The agreement is expected to come into force in 2024.
Once signed, the text is sent to the European Parliament for approval. Then ratification might take place. Negotiations on the agreement began in June 2018.
The EU Commission and, for example, Germany and the current EU Council Presidency also want to implement the free trade agreement with the Mercosur area in South America, which has been negotiated for a long time but is controversial, especially in Austria. “There is a window of opportunity for Lula’s presidency and the Spaniards really want to get it done,” said the business delegate in Brazil, Günther Sucher, in the APA interview. But lately, critical voices have increased in South America. The domestic government is also obliged to say no to the agreement on the basis of a parliamentary resolution.
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