Parliament approves EU-New Zealand free trade agreement
Christian Fernsby ▼ | November 23, 2023
The agreement, approved with 524 votes in favour, 85 against and 21 abstentions on Wednesday, safeguards all EU geographical indications (GIs) for wines and spirits along with a list of 163 famous EU foodstuff GIs.Article continues below
The deal also defends European producers of sensitive agricultural goods, such as beef and several dairy products. Described by MEPs as a “gold standard†agreement, this FTA is the EU's first to include enforceable commitments to the Paris Agreement and to core International Labour Organization (ILO) standards.
Bilateral trade in goods between the EU and New Zealand reached €9.1 billion in 2022, with the EU being New Zealand's third-largest trade partner.
Trade between New Zealand and the EU is expected to increase by 30%, according to the EU Commission. EU investment flows into New Zealand could increase by over 80%, according to the same projections.
The accompanying report, setting out the Parliament's position, was adopted by 457 votes in favour, 104 against and 74 abstentions.
Member states are expected to give their formal approval on Monday. Once the agreement is ratified by New Zealand, it can then enter into force, likely by mid-2024.
Negotiations were launched in New Zealand in 2018, and after 12 negotiating rounds, a political agreement was reached on 30 June 2022. ■ What to read next
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