Brussels, May 1 (EFE).- The trade agreement between the European Union and New Zealand entered into force this Wednesday, according to a report by the European Commission, which estimates that trade between the two parties could increase by 30%. Abolition of charges it deems.
The EU and New Zealand began negotiating this trade agreement in 2018. Then it took four years to announce the deal they signed in June 2022. Approved by the Community Council in November last year, it came into force today as the new Zealand gave its final approval on March 25.
Trade exchanges between the two sides were 9.1 billion euros in 2022, and the social administrator believes they could grow to 30% with the elimination of tariffs worth 14 million, while European investments towards the Pacific island could increase to 80. %
Specifically, the trade agreement would eliminate tariffs on products such as pork, wine, sparkling wine, chocolate, sugar and confectionery.
In addition, it will protect the signs of around 2,000 EU wines and spirits, such as Rioja wine, champagne, prosecco or vodka, and 163 products, including Manchego cheese or feta.
The deal will open New Zealand's services market to European firms in sectors such as financial services, telecommunications, shipping and distribution services.
Additionally, it improves access for social enterprises to the New Zealand government's public tenders, avoids “unreasonable requirements” on data localization and maintains high standards in protecting personal data. EFE
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