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Free Trade Deal to Increase New Zealand's Exports to EU

Wahyu Dwi Anggoro - 01 July 2022 14:02 WIB
Free Trade Deal to Increase New Zealands Exports to EU
New Zealand Prime Minister Jacinda Ardern (Photo:apec.org)
Wellington: New Zealand and the European Union (EU) have concluded negotiations on a major free trade agreement (FTA), which unlocks access to one of the world’s biggest and most lucrative markets, Prime Minister Jacinda Ardern and Trade and Export Growth Minister Damien O’Connor announced today.

"Our EU-NZ FTA is expected to increase the value of New Zealand’s exports to the EU by up to $1.8 billion per year from 2035. For comparison that’s more lucrative than the benefits derived from our recent UK FTA," Ardern said in a press release on Monday.
"It’s a strategically important and economically beneficial deal that comes at a crucial time in our export led COVID-19 recovery. It 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 and increases our economic resilience through diversifying the markets that we can more freely export into," she explained.

According to her, the complete removal of duties on the majority of products New Zealand exports to the EU is a major achievement in a deal that covers market access into 27 European countries.

"This is the fifth Free Trade Agreement the Government has concluded in the past five years and sits alongside upgrades to our existing agreements with Singapore and China. The increase in market access we’ve negotiated means 73.5% of our global exports are now covered by an FTA, up from only around 50 percent when we took office," Arden said.

"New Zealand exporters offer some of the best products in the world and the Government will keep working alongside industry and business to unlock access and opportunities like those delivered into Europe," she added.

Minister O’Connor, who has spent the week in Brussels negotiating with his counterparts said the deal provided access for products that were previously locked out in the historically difficult to access European market.

"This agreement delivers on what has been a long-standing objective of successive New Zealand governments - an FTA with the European Union, which will help accelerate New Zealand’s economic recovery at a time of global disruption," O’Connor said.

“The deal provides duty-free access on 97% of the New Zealand’s existing goods trade to the EU within seven years, 91% from day one. There are some big wins in here. The EU is the largest export market for New Zealand kiwifruit growers, and the complete removal of tariffs delivers more than $37 million in annual savings on kiwifruit alone from day one. For fish and seafood exports, annual tariff savings will reach $20 million a year," O'Connor explained.

"We’ve fought hard for our dairy and beef exporters and the deal could deliver up to $600 million in additional export revenue if access is used and once the agreement is fully in effect. We’ve secured an eight-fold increase in the volume of beef we can export into the EU. We have also secured improved access for our butter and cheese producers, some of which will now be able to be trade with the EU for the first time in many years," he added.

The FTA includes a Maori Trade and Economic Cooperation chapter to enhance the ability for Maori to access the benefits from the FTA, including through the development of business links between M?ori and EU enterprises (with a particular emphasis on SMEs), and focusing on science, research and innovation.

The EU is New Zealand’s fourth-largest trading partner with two-way goods and services trade was worth NZ$17.5 billion in for the year to December 2021.

(WAH)

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