With the agreement in force, trade between the two blocs is expected to increase by 30% in a decade, with EU exports to New Zealand potentially growing by up to 4.5 billion euros per year.
In the agricultural sector, key export products such as pork, wine and sparkling wine, chocolate and sugar for confectionery no longer pay customs duties.
Other products such as beef, lamb and dairy products are protected with carefully designed tariff quotas.
European companies, on the other hand, now benefit from tariff exemptions on exports to New Zealand, a more open market in sectors such as financial services, telecommunications and maritime transport, for example.
Negotiations for this agreement began in June 2018 and concluded in June 2022, having been signed by both parties in July 2023.
The European Parliament and the Council of the EU gave their approval in November 2023 and New Zealand completed the ratification process in March 2024.
