EU and New Zealand Sign Ambitious Free Trade Agreement

EU and New Zealand Sign Ambitious Free Trade Agreement

The European Union (EU) and New Zealand have finalized a free trade agreement aimed at boosting bilateral exchanges by 30% within a decade. After four years of challenging negotiations, the deal was agreed upon in June 2022. European Commission President Ursula von der Leyen described it as "ambitious" and well-balanced.

The agreement strengthens the partnership between the EU and New Zealand, with Prime Minister Chris Hipkins emphasizing the substantial economic opportunities it will create for both parties. The EU is New Zealand's third-largest trading partner, and the deal is expected to increase EU exports to New Zealand by €4.5 billion annually.

Additionally, the agreement includes provisions for sustainable development, making it the first EU trade pact to incorporate commitments to the Paris climate agreement.