The deal also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights, which are enforceable through trade sanctions as a last resort.
Bilateral trade is expected to grow by up to 30% thanks to this deal, with EU annual exports potentially growing by up to €4.5 billion. EU investment into New Zealand has a potential to grow by up to 80%. The deal can cut some €140 million a year in duties for EU companies from the first year of application.
European Commission President, Ursula von der Leyen, said:
“New Zealand is a key partner for us in the Indo-Pacific region. This trade agreement brings major opportunities for our companies, our farmers and our consumers, on both sides. It can help increase trade between us by 30%. It includes unprecedented social and climate commitments. This new agreement between the European Union and New Zealand comes at an important geopolitical moment. Democracies – like ours – work together and deliver for people.”
- Publication date
- 30 June 2022
- Representation in Ireland