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The European Union and New Zealand on Sunday (9 July) signed a free trade agreement which Brussels says can lift exchanges between the two by 30% with a decade.
The deal, agreed in June 2022 after four years of tough negotiations, is "ambitious" and "well balanced", said European Commission President Ursula von der Leyen.
"New Zealand is a key partner for us in the Indo-Pacific region, and this free trade agreement will bring us even closer together," the EU chief said from Brussels.
New Zealand Prime Minister Chris Hipkins said it "will generate substantive new economic opportunities.
"It's of huge benefit to both partners," he said.
The EU is New Zealand's third biggest trading partner importing wines, fruit and meat into the continent.
Bilateral trade was just under €9 billion last year.
According to Brussels, EU exports to the South Pacific nation could increase by €4.5 billion a year. The bloc's investment in New Zealand could climb progressively by as much as 80%.
Today we are signing the 🇪🇺🇳🇿 free trade agreement.
— Ursula von der Leyen (@vonderleyen) July 9, 2023
An ambitious, balanced agreement that reflects our shared net-zero goals.
We are already New Zealand's 3rd biggest trade partner.
Now we could increase trade between us by 30%@chrishipkins
https://t.co/W3K3zNSdle
Section on sustainable development
The deal also includes a section on sustainable development."For the very first time in a trade deal, we have included commitments on the Paris climate agreement," which set a goal of limiting global warming to well below two degrees Celsius, noted von der Leyen.
"With unprecedented social and climate commitments, it drives just and green growth while reinforcing Europe's economic security," she said.
To go into force, the agreement has to win the backing of the European Parliament and be ratified in New Zealand, where the economy fell into recession this year.
According to a joint statement, it is anticipated that the free trade agreement will enter into force in the first half of 2024, once both parties complete the final required legal steps.
