International shipments Italy New Zealand ready to take off!
On 09 July 2023, after 5 years of negotiations, the EU and New Zealand have today signed their free trade agreement (FTA), which will deliver significant gains for the EU.
The FTA will liberalise and facilitate trade and investment, as well as promote a closer economic relationship, which will open significant economic opportunities for companies and consumers on both sides.
The EU is New Zealand’s third-biggest trade partner. Bilateral trade in goods between the two partners has risen steadily in recent years, reaching almost €9,1bn in 2022.
Once the agreement enters into force, bilateral trade is expected to grow by up to 30% thanks to this deal, with EU annual exports potentially growing by up to €4.5 billion. EU investment into New Zealand has a potential to grow by up to 80%. The deal can cut some €140 million a year in duties for EU companies from the first year of application.
The agreement, once in place, will:
- eliminate all tariffs on key EU exports to New Zealand such as pigmeat, wine and sparkling wine, chocolate, sugar confectionary and biscuits
- open New Zealand’s services market in key sectors such as financial services, telecommunications, maritime transport and delivery services
- ensure non-discriminatory treatment to EU investors in New Zealand and vice versa
- improve access for EU companies to New Zealand government procurement contracts for goods, services, works and works concessions
- protect close to 2000 EU wines and spirits such as Prosecco, Polish Vodka, Rioja, Champagne and Tokaji
- protect 163 of the most renowned traditional EU products (Geographical Indications), such as Asiago, Feta, Comté or Queso Manchego cheeses, Istarski pršut ham, Lübecker Marzipan or Elia Kalamatas olives
- help small businesses export more through a dedicated chapter on small and medium enterprises
- reduce compliance requirement and procedures to allow for quicker flow of goods
Know more from official website https://policy.trade.ec.europa.eu/
Contact us for your international shipments connecting Italy/European Union – New Zealand!
