The EU-New Zealand trade agreement and opportunities for European exporters

As of today, with the entry into force of the EU-New Zealand trade agreement, EU businesses, producers and farmers can now take advantage of numerous new export opportunities.

The negotiations for a trade agreement with New Zealand began in June 2018 and concluded on 30 June 2022, when the agreement was announced by President von der Leyen and the then New Zealand Prime Minister Ardern. The agreement was signed by both parties in July 2023 and adopted by the European Parliament in November of the same year. New Zealand completed its ratification process on 25 March 2024.

The agreement is expected to reduce €140 million per year in duties for EU companies.
Furthermore, trade between the EU and New Zealand is expected to grow by up to 30% within a decade, with EU exports potentially increasing by up to €4.5 billion per year. EU investments in New Zealand have the potential to grow by up to 80%.

This agreement also includes unprecedented commitments to sustainability, including compliance with the Paris Agreement on climate change and fundamental labour rights.

European farmers will benefit from the removal of duties on major exports such as pork, wine, sparkling wine, chocolate, sugar confectionery and biscuits. The agreement also protects a vast list of European wines and spirits, as well as over 163 of the most well-known traditional European products.
Regarding more sensitive European agricultural products such as beef, sheep meat and dairy products, these are safeguarded through the implementation of specific tariff-rate quotas.

EU companies can take advantage of benefits such as:

zero tariffs on EU exports to New Zealand;
a more open services market in New Zealand in key sectors (such as financial services, telecommunications, maritime transport and delivery services);
non-discriminatory treatment of EU investors in New Zealand;
better access for EU companies to New Zealand government procurement for goods, services, works and works concessions;
a dedicated chapter to support exports by small businesses;
a significant reduction in compliance requirements and procedures.