Agreement signed
EU seals free trade agreement with New Zealand
Representatives of the EU and New Zealand have signed a joint free trade agreement. In addition, New Zealand will be part of the multi-billion euro research and exchange program Horizon Europe, as the EU Commission announced on Sunday.
At the signing ceremony, EU Commission President Ursula von der Leyen said that trade between the two partners could increase by an estimated 30 percent as a result of the agreement. EU investments in New Zealand could increase by up to 80 percent, said EU Commission Vice-President Valdis Dombrovskis.
According to the EU states, exports from the EU to New Zealand alone could increase by up to 4.5 billion euros per year. According to the information, companies could already save around 140 million euros in customs duties in the first year. The agreement should be able to enter into force in 2024.
Volker Treier, Head of Foreign Trade at the German Chamber of Industry and Commerce (DIHK), described the agreement as a "bright signal in an otherwise gloomy foreign trade environment". It is a counterpoint to increasing protectionism worldwide. The Chairman of the CDU/CSU group in the European Parliament, Daniel Caspary (CDU), emphasized that the agreement stipulates compliance with the Paris Climate Agreement. "It also ensures that violations of the agreed sustainability regulations can be sanctioned for the first time." The Chair of the Internal Market Committee in the European Parliament, Anna Cavazzini (Greens), stated that robust sustainability requirements in trade agreements must become the gold standard.
According to the German government, Germany was most recently New Zealand's most important trading partner within the EU, while New Zealand ranked 59th globally. According to the report, the main exports from Germany are vehicles, machinery and pharmaceutical products. New Zealand's most important exports to Germany were recently agricultural and forestry products such as sheep and game meat, fruit, dairy products and wool.
Once signed, the text will be sent to the European Parliament for approval. Then
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