The free trade agreement between the European Union and New Zealand enters into force on 1 May 2024. Negotiations began in 2018 and the Agreement was signed in Brussels on 9 July 2023.
New Zealand is a key trading partner for the EU in the Indo-Pacific region. Bilateral trade between the EU and New Zealand currently amounts to €7.8 billion a year in goods and €3.7 billion in services, and the EU has a positive trade balance in both areas.
The Agreement liberalises and facilitates trade and investment and promotes closer economic relations between the EU and New Zealand. Significant economic opportunities are opening up for companies, farmers and consumers on both sides. Bilateral trade is expected to grow by up to 30%, with annual EU exports potentially increasing by up to €4.5 billion. EU investment in New Zealand has the potential to grow by up to 80%. It is expected that from the first year of implementation of the Agreement, customs duties for EU companies will be reduced by around 140 million euros per year. Consumers of goods and services have the opportunity to choose from a greater variety in the market. Removing barriers and facilitating e-commerce, creating a safe space for businesses and consumers by enforcing high standards of data protection.
This is the first agreement to fully integrate the EU’s new approach to trade and sustainable development and includes unprecedented commitments to sustainability, including compliance with the Paris Agreement on climate change and fundamental labour rights.
Bulgarian geographical indications protected under the Agreement include Bulgarian rose oil, as well as wines and spirits. Their names, as well as more information about the agreement, can be found here.