Brussels has given the final green light for an EU-New Zealand trade deal that, while mutually lowering barriers for both markets, highlights the recent failure of EU-Australia negotiations. The European Council, representing the EU's 27 member countries, said it adopted the New Zealand pact, setting it up to come into force "probably in early 2024" once Wellington ratifies it.
The deal provides for a phased-in slashing of duties on New Zealand imports of lamb, beef, wine, and fruit such as kiwifruit, while European exports would benefit as well.
Two-way trade in goods and services is currently worth €9.1 billion but is expected to grow by 30% over a decade with the new deal. The EU, with its population of 450 million, is the third-biggest export market for New Zealand, with a population of five million.
However, the deal is not without critics in Europe. The European Commission, though, has stressed that all food reaching the EU market has to comply with EU standards and vowed a "robust" system of checks.
The passage of the New Zealand trade deal stood in contrast with the collapse last month of a much bigger accord the EU had been negotiating for six years with Australia. Those talks, aimed at expanding trade currently worth €56 billion, fell over agricultural issues.
Source: rte.ie