2023-07-09 16:12:42
The European Union and New Zealand signed a free trade agreement on Sunday which, according to Brussels, should lead to a 30% increase in their bilateral trade within a decade. Referring to this agreement concluded in June 2022 following four years of tough negotiations, the President of the European Commission Ursula von der Leyen welcomed an “ambitious” and “very balanced” text.
“New Zealand is a key partner for us in the Indo-Pacific region and this free trade agreement will bring us even closer,” she added in a statement from Brussels. For his part, New Zealand Prime Minister Chris Hipkins praised a text which represents “enormous advantages” for both partners.
A “sustainable development” chapter
The EU is New Zealand’s third largest trading partner, exporting wine, fruit and meat to Europe, among others. Bilateral trade in goods between the two areas represented just over 9 billion euros in 2022. According to Brussels, EU exports to the Pacific archipelago might increase by an amount of up to 4 .5 billion euros per year. EU investment in New Zealand might grow by up to 80%.
The text also contains a chapter dedicated to “sustainable development”, unprecedented in a European trade agreement. “With unprecedented social and climate commitments, (this agreement) promotes fair and green growth while strengthening Europe’s economic security,” said Ursula von der Leyen. To enter into force, the agreement will still have to receive the approval of the European Parliament and be ratified by New Zealand.
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