NZ-EU Trade Pact Spurs Export Growth
The early entry into force of the New Zealand-European Union Trade Agreement (FTA) is paying off, with Kiwi goods exports to the EU surging by 28 per cent during the first year.
“In the last 12 months our goods exports to the EU surged from $3.8 billion to over $4.8 billion,” Trade and Investment Minister Todd McClay says.
“This is good news for all New Zealanders, especially our sheep farmers, kiwifruit growers and machinery exporters. Sheep meat was up 29 per cent adding an additional $216 million, kiwifruit has increased by 69 per cent contributing a further $316 million, and machinery was up an impressive 104 per cent providing $173 million more compared to the previous year.
“Strengthening ties with trading partners is crucial to growing the New Zealand economy and driving up incomes for Kiwis. Better market access, lower costs, and fewer trade barriers with the EU are key to delivering the Government’s ambitious goal of doubling the value of New Zealand’s exports in 10 years.”
The NZ-EU FTA removed 91 per cent of duties on New Zealand exports immediately, climbing to 97 per cent after seven years. Wine, seafood, and a range of other products are also benefiting from significant tariff reductions.
“Our growing network of trade agreements means exporters now have more choices about where to sell their world-class products,” Mr McClay says.
https://www.beehive.govt.nz/release/nz-eu-trade-deal-delivers-export-growth