The EU and New Zealand signed today their free trade agreement (FTA), which will deliver significant gains for the EU. The deal will cut some EUR 140 million a year in duties for EU companies from the first year of application. As a result, bilateral trade is expected to grow by up to 30 % within a decade, thanks to this deal, with EU annual exports potentially growing by up to EUR 4.5 billion. EU investment into New Zealand has a potential to grow by up to 80 %. This landmark agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights.
Furthermore, the Commission and New Zealand signed today the association agreement on the participation of New Zealand to Horizon Europe, the EU’s research, and innovation programme. This marks the first association with a close partner that is not geographically close to Europe. It marks a completely new approach whereby the EU is strengthening even more its ties with trusted partners that have a solid scientific base and a robust research track record.
The statement of President von der Leyen, announcing both agreements together with Chris Hipkins, Prime Minister of New Zealand, will be available shortly.
Two press releases, with further details, are equally available online (here and here).