EU – New Zealand: Free Trade Agreement Enters into Force

The European Union and New Zealand have announced that they have “finalized all procedures” for the free trade agreement to enter into force. This will happen on May 1, a few months earlier than planned. The negotiations lasted four years. The bilateral agreement was signed in July 2023 before being given the green light by the European Parliament and the European Council in November. In recent days, New Zealand’s parliament in Wellington also voted in favor of the trade agreement. According to the European Commission, it will reduce by 140 million euros the customs duties currently levied by New Zealand on exported European products.

According to the Italian economic and financial newspaper Il Sole 24 Ore, by 2030, “European Union exports to New Zealand could grow by 4.5 billion euros, increasing by almost 50% from current level.” Regarding the agricultural sector in particular, the European Commission emphasized that once the agreement enters into force, “the duties applied by New Zealand on the main EU exports will be immediately abolished: pork, wines and sparkling wines, chocolate, and confectionery.”