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Two-way goods and services trade between New Zealand and the EU was worth $21.58 billion in the year to June 2025.
While the trade balance heavily favours the Europeans, Prime Minister Christopher Luxon says NZ is “closing the gap”.
Speaking at the inaugural EU/NZ Business Summit in Auckland today, Luxon noted that the EU is more than just a trading partner.
“We are innovation partners,” he says.
“We enjoy historical ties and share similar set of values and outlook.”
Luxon says both sides are propelling the relationship through trade, defence and security partnerships.
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He says that with 450 million discerning consumers, the EU presents a fantastic opportunity for NZ exporters.
The summit is being attended by EU’s top trade official - Trade Commissioner Maros Sefcovic.
Trade and Investment Minister Todd McClay says it will be the first time an EU Trade Commissioner has visited since 2018, which was for the formal launch of free trade talks.
More than 400 businesses including representatives of 26 European Union member states represented are attending the summit.
“This summit will open doors for trade, creating opportunities for business growth and investment and to reach our goal of doubling export value in 10 years,” McClay says.
The inaugural NZ-EU Trade Committee meeting will also be held tomorrow in Queenstown.
“I’m pleased to be hosting Commissioner Sefcovic for this milestone meeting, which will ensure we are making the most of our high-quality Free Trade Agreement,” says McClay.
“We’re committed to unlocking the full potential of this agreement to boost trade, investment and partnership so businesses across New Zealand and Europe can flourish.
“The EU is an important trading partner for New Zealand, both for exports and imports with New Zealand exports having increased by $2 billion since the FTA entered into force last year.”
