Brussels, 17 February 2023
The EU-New Zealand trade agreement has today taken a big step towards ratification, with the Commission sending it to Council for signature. Sending the draft decisions to the Council on the signature and conclusion of the agreement is a major step: Once the Council gives its green light, the EU and New Zealand can sign the agreement and it can be sent to the European Parliament for its consent. Following approval, the deal can enter into force.
The agreement is expected to deliver major gains for the EU. 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.
Open trade is one of the four pillars of the EU’s Green Deal Industrial Plan announced by President von der Leyen on 1 February, and this agreement will make a contribution to that. Once in force, it will help make the EU economy greener, more competitive and more resilient.
A press release is available here.
Source – EU Commission