Sunday, May 19, 2024

NZ-EU FTA enters into force for Kiwi exporters

Kiwi exporters are $100 million better off today with the NZ EU FTA entering into force, says Trade Minister, Todd McClay.

“This is all part of our plan to grow the economy. New Zealand’s prosperity depends on international trade, making up 60% of the country’s total economic activity. It is only through a strong economy that we can reduce the cost of living and pay for quality public services like schools and hospitals,” said the Minister.

“This is a significant achievement for New Zealand and follows more than 15 years of lobbying, persuading and negotiating.”

Mr McClay says the agreement secures tariff reductions for Kiwifruit, wine, seafood and many other products and includes commitments on services and investment, ensuring that New Zealanders can compete fairly in the EU market in these sectors.

To grow awareness of the opportunities this agreement presents the Government will undertake an information campaign to help kiwi businesses grow trade with the EU, he said.

“Trade supports one in four kiwi jobs, and we rely on strong relationships with international partners to increase productivity, grow export opportunity, and boost the resilience of our economy.”

Mr McClay said the agreement will increase market access for New Zealand exporters and contribute to the Government’s ambitious target of doubling exports by value in 10 years.

The EU is New Zealand’s fourth-largest trade partner, with two-way goods and services trade worth $20.2 billion in 2022, accounting for 10.3% of New Zealand’s total trade in goods and services.

“The EU is an important and trusted partner for New Zealand. We look forward to deepening both economic and people-to-people connections further.”

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