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Free Trade Agreement to unlock $1.8 billion from NZ exports

Free Trade Agreement To Unlock $1.8 Billion From Nz Exports (1)

New Zealand and the European Union have signed a groundbreaking Free Trade Agreement (FTA), opening up significant trade opportunities. 

The FTA removes duties on 91% of New Zealand’s goods exports to the EU, rising to 97% after seven years. Tariff savings of $100 million per year are expected from day one, with notable benefits for products like kiwifruit, Mānuka honey, fish, seafood, onions, wine, and industrial goods. 

The agreement also provides increased quota access for beef, sheep meat, butter, and cheese. The NZ-EU FTA is projected to increase New Zealand’s exports to the EU by up to $1.8 billion annually by 2035. The FTA includes commitments to sustainability, labor rights, climate change, and a Māori Trade and Economic Cooperation chapter. The agreement is anticipated to enter into force in the first half of 2024.

“The EU FTA will increase our exports to the EU by up to $1.8 billion per year by 2035,” New Zealand Prime Minister Chris Hipkins said.

“Tariff savings on New Zealand exports are $100 million from day one of the agreement entering into force, the highest immediate tariff saving delivered by any New Zealand FTA. That’s around three times the immediate savings from the UK FTA.