On 9 July, New Zealand signed a free trade agreement (FTA) with the European Union, a move that should provide a boost to New Zealand’s seafood industry when it goes into effect next year.
The FTA, which the two governing bodies signed a year after negotiations concluded in June 2022, will eliminate most export tariffs, ensure nondiscriminatory treatment for investors, improve market access for companies, and significantly reduce compliance requirements and procedures to promote a more efficient flow of goods between New Zealand and the E.U.
FTA negotiations began in June 2018, and endured 12 rounds of negotiations through March 2022, followed by intersessional discussions that concluded on 30 June 2022, when von der Leyen and New Zealand’s then-New Zealand Prime Minister Jacinda Ardern announced the deal.
The FTA will enter into effect starting Q1 2024. The final step before enforcement is for the E.U. and New Zealand to ratify the agreement.
According to the European Commission, this new agreement further demonstrates that the E.U. – the world’s largest seafood-buying market – is delivering on its Indo-Pacific strategy. EC President Ursula von der Leyen said in a 9 July announcement the agreement will foster closer collaboration with New Zealand, which she described as “a key partner.”
“This modern free trade agreement brings major opportunities for our companies, our farmers, and our consumers – on both sides,” von der Leyen said. “With unprecedented social and climate commitments, it drives just and green growth while reinforcing Europe’s economic security.”
The deal will cut an estimated …
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