Wednesday, 01 May 2024 15:55

NZ-EU FTA enters into force

Written by  Staff Reporters
Trade Minister Todd McClay. Trade Minister Todd McClay.

Trade Minister Todd McClay says Kiwi exporters will be $100 million better off today as the NZ-EU Free Trade Agreement (FTA) comes into force.

McClay says that New Zealand’s prosperity is dependent on international trade as it makes 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,” he says.

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

The agreement secures tariff reductions for kiwifruit, wine, seafood, and several other products and includes commitments on services and investment, ensuring that Kiwis can compete fairly in the EU market in these sectors.

To grow awareness of the opportunities the FTA presents, the Government will undertake an information campaign to help Kiwi businesses grow trade with the EU.

“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,” McClay says.

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,” McClay says.

More like this

NZ seeks certainty on US tariff, says McClay

Trade Minister Todd McClay says his officials plan to meet their US counterparts every month from now on to better understand how the 15% tariff issue there will play out, and try and get some certainty there for our exporters about the future.

Editorial: We are Trumped

OPINION: Nothing it seems can be done in the short term to get Donald Trump to change his mind about removing the unfair 15% tariffs that he’s imposed on New Zealand exports to the US.

Featured

Editorial: Right call

OPINION: Public pressure has led to Canterbury Police rightly rolling back its proposed restructure that would have seen several rural police stations closed in favour of centralised hubs.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Quid prod quo?

OPINION: Ageing lefty Chris Trotter reckons that the decision to delay recognition of Palestinian statehood is more than just a fit…

Deadwood

OPINION: A mate of yours truly recently met someone at a BBQ who works at a big consulting firm who spent…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter