EU-New Zealand trade agreement enters into force

The European Commission (EC) today issued a release announcing that the EU-New Zealand trade agreement entered into force.

The trade agreement removes tariffs on key EU exports (such as pig meat, wine and sparkling wine, chocolate, sugar confectionary and biscuits), and protects the full list of EU wines and spirits, as well as 163 traditional EU products. In addition, sensitive EU agricultural products such as beef, sheep meat, and dairy products are protected with tariff rate quotas.

According to the EC release, EU businesses can now take advantage of benefits such as:

• Zero tariffs on EU exports to New Zealand
• A more open New Zealand services market in key sectors such as financial services, telecommunications, maritime transport and delivery services
• Non-discriminatory treatment of EU investors in New Zealand
• Improved access for EU companies to New Zealand government procurement contracts for goods, services, works and works concessions
• A dedicated chapter to help small business exports
• Significantly reduced compliance requirements and procedures

Background

Negotiations for a trade agreement with New Zealand started in June 2018 and were concluded on 30 June 2022. The agreement was signed by both parties on 9 July 2023. The European Parliament adopted it on 22 November 2023, followed by the adoption of a decision to conclude the agreement by the Council on 27 November 2023. New Zealand completed its ratification procedure on 25 March 2024.