NZ signs free-trade deal with EU
New Zealand’s exporters are delighted with the news that the country has signed a free trade deal with the EU signed on 9 July, with exports of kiwifruit, apples and onions expected to benefit immediately.
NZ prime minister Chris Hipkins says the deal will increase New Zealand’s trade with the EU by NZ$1.8bn. Duties will be immediately removed on 91 per cent of goods shipped from the New Zealand to the EU. That figure will rise to 97 per cent after seven years, resulting in tariff savings of NZ$100m per year.
Trade association Onions NZ described the FTA as “a fantastic outcome” for the country’s onion growers and exporters. “The EU is our number one market for onions. Well done to those involved for negotiating and concluding this FTA during the Covid pandemic.”
The move follows a similar FTA came into force between NZ and the UK at the end of May 2023.
The EU represents a major export market for NZ kiwifruit too. According to the NZ Horticulture Export Authority, the value of the country’s kiwifruit exports to the EU in 2022 was €453.6m and around a quarter higher than in 2020. The value of its apple exports to the EU in 2022 was €203.4m, 10 per cent up on 2021, for a volume of roughly 160,000 tons.
