New Zealand to soon sign FTA with EU; PM Hipkins to visit Brussels

08 Jul '23

2 min read

Pic: Shutterstock

Insights

New Zealand Prime Minister Chris Hipkins will soon travel to Brussels to witness his country sign a free trade agreement with the EU.
Annual exports to the EU will rise by up to $1.8 billion and add up to $1.4 billion to New Zealand's GDP per year once the FTA is fully implemented, he said.
New Zealand will also sign the Horizon Europe Association Agreement.

New Zealand Prime Minister Chris Hipkins will soon travel to Brussels to witness his country sign a free trade agreement (FTA) with the European Union (EU). New Zealand will also sign the Horizon Europe Association Agreement, the EU’s main research and innovation framework and funding platform.

“I said trade would be a key focus for me this year and securing this deal will be a major boost for our economy,” Chris Hipkins said about the FTA.

“This long-awaited deal will unlock access to the world’s third biggest market and deliver immediate tariff savings on New Zealand exports to the EU of around $100 million a year when it enters into force – more than any past New Zealand FTA,” Hipkins was quoted as saying in an official release.

“Modelling suggests exports to the European Union will increase by up to $1.8 billion per annum and add up to $1.4 billion to New Zealand’s GDP [gross domestic product] per year once fully implemented,” he said.

The minister for trade and export growth Damien O’Connor will join Hipkins in Brussels to sign the agreement. EU executive vice president and trade commissioner Valdis Dombrovskis will sign the FTA on behalf of the EU, alongside EU President Ursula von der Leyen.

“Associating to Horizon Europe will provide new opportunities for New Zealand scientists to collaborate with European partners on research to address major global challenges such as climate change, energy and health,” Hipkins said.

Thereafter, Hipkins will meet his Swedish counterpart Ulf Kristersson in Stockholm.

Fibre2Fashion News Desk (DS)

More European Union News...