10th May 2024
Minister for Enterprise, Trade and Employment, Peter Burke TD, has welcomed the Free-Trade Agreement between the EU and New Zealand which came into force at the beginning of this month.
The landmark agreement includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights. It also ensures that sensitive EU agricultural products are protected with carefully designed tariff rate quotas.
Minister Burke said:
“This Agreement between the EU and New Zealand is good news for the EU and for Ireland. Bilateral trade in goods between the EU and New Zealand has risen steadily in recent years and reached almost €9.1 bn in 2022 making the EU New Zealand's third-biggest trade partner.”
Some of the key aspects of the agreement include:
- Creating significant economic opportunities for companies, farmers and consumers;
- Respecting the Paris Climate Agreement and core labour rights, enforceable through trade sanctions as a last resort, and:
- Cementing EU ties with a like-minded ally in the economically dynamic Indo-Pacific region.
Minister Burke added:
“In particular EU producers will benefit from the elimination of tariffs on key EU exports such as pig meat, wine and sparkling wine, chocolate, sugar confectionary and biscuits.
“It is important that the EU continues to build on existing strong relationships with like-minded nations while ensuring sustainability is a central focus. This Agreement does just that.”
According to an impact assessment carried out on the FTA by the EU, trade between New Zealand and the EU is expected to grow by 30%, and the removal of tariffs alone saving businesses around €140 million in duties each year. Moreover, it is anticipated that EU investment flows into New Zealand could increase by over 80%.
ENDS
