EU-New Zealand trade agreement comes into force

The EU-New Zealand trade agreement came into force on 1 May 2024. The agreement is expected to reduce duties for EU companies by €140 million per year. Trade between the EU and New Zealand is expected to grow by up to 30% within a decade, with EU exports potentially growing by up to €4.5 billion annually. EU investment in New Zealand has the potential to grow by up to 80%. This historic agreement also includes unprecedented sustainability commitments, including respect for the Paris Climate Agreement and fundamental labor rights. EU farmers will benefit from the elimination of customs duties on key EU exports such as pork, wine and sparkling wine, chocolate, confectionery and biscuits. Furthermore, the agreement protects the full list of EU wines and spirits, as well as 163 of the best-known traditional EU products ...