New Zealand's FTA with EU enters into force on May 1

“Kiwi exporters are $100 million better off today,” said Hon Todd McClay, minister of trade, agriculture, forestry, hunting and fishing, and associate minister of foreign affairs.

“This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity….This [the FTA] is a significant achievement for New Zealand and follows more than 15 years of lobbying, persuading and negotiating,” he said in a statement.

The agreement ensures that New Zealanders can compete fairly in the EU market in several sectors.

To make exporters aware of the opportunities this agreement offers, the government will initiate an information campaign, he said.

The agreement will contribute to the government’s ambitious target of doubling exports by value in 10 years, he noted.

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 per cent of New Zealand’s total trade in goods and services.

Fibre2Fashion News Desk (DS)