Tiny: New EU-New Zealand trade agreement creates opportunities for our companies

2023-11-22 12:28:07

Significant step towards new economic opportunities – New Zealand is an important like-minded partner in times of geopolitical tensions

Strasbourg (OTS) – The European Parliament today gave the green light by an overwhelming majority to a landmark trade agreement between the EU and New Zealand, ushering in a new era of transnational cooperation and expected to come into force in 2024. The ÖVP delegation leaders in the EU Parliament Angelika Winzig welcomes the agreement reached and highlights the enormous opportunities for companies.

“This agreement marks a significant step towards new economic opportunities,” explains Winzig, who is particularly pleased about the separate chapter for small and medium-sized businesses: “With the agreement we support entrepreneurship and create an environment that promotes innovation and growth. From the first year of application, our companies in the EU will save around 140 million euros annually through tariff reductions. This is expected to increase bilateral trade by up to 30 percent within a decade and EU exports by up to 4.5 billion annually Euros rise.”

Winzig emphasizes the strategic importance of this agreement: “It not only opens up new markets, but also strengthens our position in the Indo-Pacific region. New Zealand is an important like-minded partner in times of geopolitical tensions.”

The EU is New Zealand’s third largest trading partner. The agreement aims to reduce barriers to trade between the EU and New Zealand and help companies offer their products and services to new markets. Both sides have agreed on ambitious trade and sustainable development commitments covering a wide range of issues. For the first time, an EU free trade agreement includes a dedicated chapter on sustainable food systems as well as a specific provision on trade and fossil fuel subsidy reform.

“The EU-New Zealand trade agreement is a modern agreement that promotes our economy and will therefore also secure workers and prosperity,” says Winzig in conclusion. (Ending)