New Zealand-EU Free Trade Agreement Set to Launch on May 1
Source: The DairyNews
New Zealand announced on Monday that its free trade agreement with the European Union (EU) is slated to take effect on May 1, following the ratification of the deal by the New Zealand parliament.
Trade and Agriculture Minister Todd McClay stated that New Zealand formally notified the EU of its ratification earlier in the day.
The agreement, signed in July 2023, has seen both parties moving swiftly toward implementation, with the European Parliament ratifying its end of the deal in November.
New Zealand anticipates significant benefits from the agreement, particularly for its beef, lamb, butter, and cheese sectors, alongside the removal of tariffs on key exports such as its renowned kiwi fruit.
In return, the EU will witness the lifting of tariffs on various exports including clothing, chemicals, pharmaceuticals, cars, as well as wine and confections.
With the EU ranking as New Zealand’s fourth-largest trade partner, valued at $12.10 billion in two-way goods and services trade in 2022, the agreement is expected to bolster economic ties and trade relations between the two regions.
The agreement, signed in July 2023, has seen both parties moving swiftly toward implementation, with the European Parliament ratifying its end of the deal in November.
New Zealand anticipates significant benefits from the agreement, particularly for its beef, lamb, butter, and cheese sectors, alongside the removal of tariffs on key exports such as its renowned kiwi fruit.
In return, the EU will witness the lifting of tariffs on various exports including clothing, chemicals, pharmaceuticals, cars, as well as wine and confections.
With the EU ranking as New Zealand’s fourth-largest trade partner, valued at $12.10 billion in two-way goods and services trade in 2022, the agreement is expected to bolster economic ties and trade relations between the two regions.
