Wellington, 2 July 2022 (TDI): European Union (EU) and New Zealand have concluded the negotiations for the free trade agreement (FTA).
Trade and Export Growth Minister of New Zealand, Damien O’Connor, and the Prime Minister of New Zealand, Jacinda Ardern announced this yesterday. The agreement will open access to one of the most lucrative and biggest markets for trade.
Prime Minister Jacinda Ardern mentioned that EU-NZ free trade agreement (FTA) will increase New Zealand’s exports to European Union by up to $1.8 billion per year from the year 2035.
She added that the deal is economically beneficial and strategically important. Also, it comes at a crucial time when exports are recovering from Covid-19 issues.
Likewise, the complete removal of duties on most of New Zealand’s products is a major achievement. In addition, the deal will give access to 27 European nations.
Remarks by Minister Damien O’Connor
Minister Damien O’Connor said that deal will provide the access to the products that were locked out due to the difficult access to European markets.
Furthermore, this deal at this crucial time will help New Zealand’s economy to recover and grow. He added that the deal will grant duty-free access to 97% of New Zealand’s products trade with the EU in the next seven years.
— Damien O’Connor (@DamienOConnorMP) June 30, 2022
They will save tariffs of $110 million annually. This includes tariff relief on seafood, kiwi fruit, dairy products, beef, and many other products. Also, the deal will provide a platform for growth.
He added that this is huge news for New Zealand exporters. It will bring both markets closers to each other. Moreover, he mentioned EU may also agree to sign more FTAs in the future.
Māori Trade and Economic Cooperation
Māori interests are also focused on, in negotiations. The FTA has a Māori Trade and Economic Cooperation chapter. It is to enhance the ability of Māori to access the benefits of the free trade agreement.
Māori can access the benefits of the FTA, including through the development of business links between EU enterprises and Māori. It will also focus on areas of science, research, and innovation.
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