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New Zealand and EU sign negotiations on major free trade agreements

New Zealand and the European Union (EU) are major free traders that provide access to New Zealand’s Prime Minister Jacinda Ardern and Minister of Trade and Export Growth Damian O, one of the world’s largest and most profitable markets. We have signed negotiations on an agreement (FTA). ‘Connor announced.

The transaction will give 97% of New Zealand’s existing trade in commodities tax-free access to the EU within seven years, up to 91% from day one.

New Zealand and the EU today announced negotiations on a major free trade agreement (FTA), New Zealand Prime Minister Jacinda Ardern, and Minister of Trade and Export Growth Damien O’Connor. The transaction will give 97% of New Zealand’s existing trade in commodities tax-free access to the EU within seven years, up to 91% from day one.

Prime Minister Jacinda Ardern said: “Our EU-NZFTA is expected to increase New Zealand’s exports to the EU by up to $ 1.8 billion annually from 2035. This is a strategically important and economically beneficial transaction. It occurs at a critical time in the export-led recovery of COVID-19.

“It reduces exporters’ costs and bureaucratic formalism, opens up new high-value market opportunities, and enhances economic resilience by diversifying more freely exportable markets. New Zealand exports to the EU. The complete elimination of tariffs on most of our products is a major achievement in transactions that cover market access to 27 European countries. “

This is New Zealand’s fifth free trade agreement in the last five years.

Damien O’Connor, who spent a week in Brussels and negotiated with his counterparts, said the deal would give him access to products that previously had difficulty accessing the European market. “By saving a total of $ 110 million worth of tariffs annually and saving $ 100 million in advance, we will instantly increase the competitiveness of exports in the EU market and provide a platform for growth. “

O’Connor added: “This FTA will also help level the competition and create significant opportunities for better kiwi businesses to diversify into this high-value market. Importantly, the” best-of-breed treatment “of services and investment. The result is that the FTA will remain at the forefront, allowing New Zealand to benefit from access to the services market and the investment benefits that the EU may agree on in future FTAs.

“It also brings good results to New Zealand companies seeking access to the EU’s large government procurement market for goods and services worth more than $ 3 trillion. Consistent with the approach, the agreement includes legally enforceable commitments to climate change measures, environment and labor standards, and gender equality. “

The EU is New Zealand’s fourth largest trading partner, worth NZ $ 17.5 billion in the year to December 2021.

Fiber2Fashion News Desk (KD)



New Zealand and EU sign negotiations on major free trade agreements

Source link New Zealand and EU sign negotiations on major free trade agreements

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