The Council today adopted a decision on the conclusion of a free trade agreement (FTA) between the EU and New Zealand. This decision clears the path, on the EU side, for the entry into force of the agreement.
Once New Zealand also completes its legal requirements and procedures, the agreement can enter into force, probably in early 2024.
The FTA will liberalise and facilitate trade and investment, as well as promote a closer economic relationship, which will open significant economic opportunities for companies and consumers on both sides.
The EU is New Zealand's third biggest trade partner. Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost €9.1 billion in 2022. Once the agreement enters into force, bilateral trade is expected to grow by up to 30% thanks to this deal.
The agreement, once in place, will protect close to 2000 EU wines and spirits such as Prosecco, Polish Vodka, Rioja, Champagne and Tokaji.
More information here: https://www.consilium.europa.eu/en/press/press-releases/2023/11/27/eu-new-zealand-council-gives-final-green-light-to-free-trade-agreement/
