Key outcomes include
- New Zealand exporters will benefit from significantly improved access into the EU market. New Zealand exporters will be able to compete on a more level playing field in the EU market, particularly against other global exporters who have already secured free trade deals with the EU.
- 91% of New Zealand’s current trade into the EU will enter duty free from day one through tariff elimination and duty-free quotas. When fully implemented after seven years, 97% of current trade will enter the EU duty-free.
- In addition, the FTA will create the conditions for New Zealand trade to grow in areas where it has been significantly constrained due to limited WTO quota access and high tariffs, particularly dairy and beef.
- The FTA provides greater certainty for New Zealand services exporters in the EU market, and ensures that NZ services exporters can compete in the EU market on a comparable basis with other EU trading partners. With limited exceptions, New Zealand services exporters will be guaranteed treatment that is equivalent to both local EU competitors and services exporters from other countries, including the UK and Singapore.
- The investment rules in the FTA will provide greater transparency and certainty as to how New Zealand investors will be treated in the EU and vice versa.
- New Zealand’s Trade for All Agenda is reflected throughout the FTA, in commitments related to labour and the environment, gender equality, outcomes for SMEs and our regions, as well as for Māori.
- The FTA contains ambitious outcomes on climate action and the Paris Agreement, including making these commitments enforceable in the FTA.
- Protecting and promoting Māori interests in this FTA was a priority for New Zealand. The FTAs includes our Treaty of Waitangi exception, which protects the New Zealand Government’s ability to adopt policies that fulfil its obligations to Māori, including under the Treaty of Waitangi. New Zealand has secured a Māori Trade and Cooperation chapter in the FTA which will provide a valuable new platform to advance Māori economic aspirations in the EU.
- There will be no Investor-State Dispute Settlement in this FTA.