New Zealand secures major FTA deal with EU

by IANS |

Wellington, July 1 (IANS) New Zealand and the European Union (EU) have concluded negotiations on a major free trade agreement (FTA), which covers market access into 27 European countries and removes duties on the majority of products New Zealand exports.

"Our EU-NZ FTA is expected to increase the value of New Zealand's exports to the EU by up to NZ$1.8 billion ($1.12 billion) per year from 2035," New Zealand Prime Minister Jacinda Ardern said on Friday after the FTA signing in Brussels.

"It's a strategically important and economically beneficial deal that comes at a crucial time in our export-led COVID-19 recovery," she said in a statement.

The deal delivers tangible gains for exporters into a restrictive agricultural market. It cuts costs and red tape for exporters and opens up new high-value market opportunities, Xinhua news agency reported citing the Prime Minister as saying.

This is the fifth FTA New Zealand has concluded in the past five years and sits alongside upgrades to the existing agreements with China and Singapore, she said, adding that the increase in market access means 73.5 per cent of New Zealand's global exports are now covered by an FTA, up from around 50 per cent five years ago.

The deal provides duty-free access on 97 per cent of the New Zealand's existing goods trade to the EU within seven years, 91 per cent from day one, said New Zealand Trade and Export Growth Minister Damien O'Connor.

However, the meat and dairy industries, two of New Zealand's major export sectors, were disappointed as their gains in the trade deal were very limited.

The EU is New Zealand's fourth-largest trading partner with two-way goods and services trade worth NZ$17.5 billion.

Latest News
IPL 2024: 'Sai Kishore did not expect I will go after him off the first ball', says CSK's Shivam Dube Fri, Mar 29, 2024, 03:55 PM
Talks with Ukrainian FM focused on conflict with Russia, says EAM Jaishankar Fri, Mar 29, 2024, 03:49 PM
Started my career on shop floor of auto plant: Anand Mahindra to Elon Musk Fri, Mar 29, 2024, 03:42 PM
Chinese military offers help to Pakistan to curb terrorism Fri, Mar 29, 2024, 03:39 PM
Kangana Ranaut holds roadshow in Mandi, responds to Supriya Shrinate's 'bhao' jibe Fri, Mar 29, 2024, 03:36 PM
CPI tries to revive itself by launching ex-IPS officer in UP's Faizabad Fri, Mar 29, 2024, 03:29 PM
Mandya in Karnataka to witness mega clash between Kumaraswamy and Star Chandru Fri, Mar 29, 2024, 03:26 PM
I-T seizes unaccounted cash from Kolkata bizman's office Fri, Mar 29, 2024, 03:24 PM
Byju's EGM on rights issue ends sans objections, dissenting investors skip meet Fri, Mar 29, 2024, 03:12 PM
Anti-abuse provisions should not be used in receipt of capital from credible investors: Experts Fri, Mar 29, 2024, 03:09 PM
UP: Kamaal R Khan's brother to contest from Saharanpur on BSP ticket Fri, Mar 29, 2024, 02:59 PM
Pakistan: Alarm bells ring as judicial bodies gear up to protect their judges against 'targeted assault' Fri, Mar 29, 2024, 02:50 PM
Judicial probe ordered in Mukhtar Ansari's death Fri, Mar 29, 2024, 02:46 PM
Stories come knocking, characters start whispering to me: Filmmaker Rima Das Fri, Mar 29, 2024, 02:45 PM
Magisterial probe ordered into Mukhtar Ansari's death Fri, Mar 29, 2024, 12:52 PM