EU-New Zealand trade agreement comes into force

Published 2024년 5월 10일

Tridge summary

The EU-New Zealand trade agreement, which became effective on May 1, 2024, is projected to significantly boost trade and investment between the two regions. It is anticipated to reduce duties for EU companies by €140 million annually, with trade potentially growing by up to 30% within a decade and EU exports possibly reaching an additional €4.5 billion annually. EU investment in New Zealand could see a surge of up to 80%. The agreement also includes unprecedented sustainability commitments, respecting the Paris Climate Agreement and fundamental labor rights. EU farmers are set to benefit from the elimination of customs duties on key exports to New Zealand, and the agreement also protects a variety of traditional EU products. Sensitive EU agricultural products will be safeguarded by carefully designed tariff quotas.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: 3tres3