Celebrating the EU-NZ Free Trade Agreement entry into force
The EU Delegation to Aotearoa New Zealand and the Minister for Trade Todd McClay together with the Ministry for Foreign Affairs & Trade (MFAT), NZ Trade & Enterprise (NZTE) and NZ Story
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A shared promise of prosperity between the EU and NZ began on 1 May 2024 with the entry into force of New Zealand’s free trade agreement (FTA) with one of the world’s largest trading entities, the European Union. NZ exporters benefit from 91% duty-free access immediately, rising to 97% after seven years. The agreement reinforces the traditional and trusted friendship between the European Union and New Zealand, and supports unprecedented sustainability commitments, climate action, Māori economic aspirations and core labour rights. To realise the chapter of the FTA to empower local iwi Te Taumata, representing a voice of Māori interests in global trade, is to spearhead a world-first wāhine Māori in tech trade initiative in the EU and the UK alongside New Zealand innovation agency Callaghan Innovation. The entry into force was celebrated at a special Policy Futures event on 15 May 2024 hosted in Auckland by the Minister for Trade, Todd McClay together with Ministry for Foreign Affairs and Trade (MFAT), NZ Trade and Enterprise (NZTE), NZ Story and the EU Delegation to Aotearoa New Zealand. EU Ambassador Lawrence Meredith, the Minister of Trade, former Minister of Trade Damien O'Connor, and European Ambassadors, were joined by business and trade representatives who welcomed the FTA. The FTA brings immediate benefits for New Zealand's horticulture, wine, and seafood industries, while also offering opportunities for European investment in green energy and digital innovation. According to Minister McClay: “This partnership, founded on shared values, is designed to deliver mutual benefits and is a key step in efforts to double the value of New Zealand exports in the next ten years.” Ambassador Lawrence said: “Together as Team Europe, we see potential for European investment in Green transition, Digital innovation, and Infrastructure. Let's seize these opportunities to grow and innovate together!” Follow the links to see and read more:
As a follow-up, a roadshow of four regional events was organised. Titled Doing Business in the European Union - Leveraging the NZ-EU FTA, the events promoted the FTA to New Zealand businesses in the following locations:
Participants were told that one of the world's largest markets, the EU, is now more accessible to New Zealand businesses thanks to the newly implemented free trade agreement. The agreement has already resulted in significant tariff savings of $100 million a year, with 91% of New Zealand’s current goods trade entering the EU tariff free. The FTA opens new opportunities across various sectors, namely
Attendees heard from officials and learned from the from trade experts, listened to success stories from current exporters to the EU, and had the opportunity to engage in discussions and network with fellow business professionals. The roadshow was hosted by the New Zealand Ministry of Foreign Affairs and Trade, New Zealand Trade and Enterprise, Export New Zealand, the German New Zealand Chamber of Commerce, New Zealand Europe Business Council and the EU Delegation to Aotearoa New Zealand. |
