EU and New Zealand sign free trade agreement
The European Union and New Zealand signed a free trade agreement on Sunday that Brussels says should lead to a 30% increase in bilateral trade within a decade, reports Agerpres.
Referring to the agreement, which was concluded in June 2022 after four years of tough negotiations, European Commission President 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 one step closer," she added in a statement from Brussels.
For his part, New Zealand Prime Minister Chris Hipkins praised the text, saying it brings "enormous benefits" to both partners.
The EU is New Zealand's third largest trading partner, exporting wine, fruit and meat to Europe.
Bilateral trade in goods between the two areas amounted to just over €9bn in 2022.
According to Brussels, EU exports to the Pacific archipelago could increase by up to €4.5bn a year. EU investment in New Zealand could increase by up to 80%.
The text also contains a chapter on "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 Von der Leyen.
To enter into force, the agreement would need to be approved by the European Parliament and ratified by New Zealand.
