June 21, 2024

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A trade agreement between the European Union and New Zealand comes into effect

A trade agreement between the European Union and New Zealand comes into effect

Brussels, May 1 (EFE).- The trade agreement between the European Union and New Zealand entered into force this Wednesday, according to a European Commission report, which estimates that trade between the two parties will increase by 30%. Abolishing the charges it deems.

The EU and New Zealand began negotiating this trade deal in 2018 and then took four years to announce the deal they signed in June 2022. It was approved by the Community Committee in November last year as it came into effect today after Zealand gave its final approval on March 25.

Trade exchanges between the two sides were 9.1 billion euros in 2022, and the social administrator believes they could grow to 30% with the elimination of tariffs worth 14 million, while European investments towards the Pacific island could increase to 80. %

Specifically, the trade agreement would eliminate tariffs on products such as pork, wine, sparkling wine, chocolate, sugar and confectionery.

In addition, it will protect the signs of around 2,000 EU wines and spirits, such as Rioja wine, champagne, prosecco or vodka, and 163 products, including Manchego cheese or feta.

The deal will open New Zealand’s services market to European firms in sectors such as financial services, telecommunications, shipping and distribution services.

Additionally, it improves access for social enterprises to the New Zealand government’s public tenders, avoids “unreasonable requirements” on data localization and maintains high standards in protecting personal data. EFE

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(More information about the European Union at euroefe.euractiv.es)