The early entry into force of the New Zealand–European Union Free Trade Agreement (FTA) is already delivering strong results, with New Zealand's goods exports to the EU surging by 28% in the first year.
"In the last 12 months, our goods exports to the EU increased from $3.8 billion to over $4.8 billion," said Trade and Investment Minister Todd McClay.
"This is good news for all New Zealanders, especially kiwifruit growers. Kiwifruit exports increased by 69%, contributing a further $316 million.
McClay emphasized the importance of international partnerships in boosting the national economy: "Strengthening ties with trading partners is crucial to growing the New Zealand economy and driving up incomes for Kiwis. Better market access, lower costs, and fewer trade barriers with the EU are key to delivering the Government's ambitious goal of doubling the value of New Zealand's exports in 10 years."
The NZ–EU FTA eliminated 91% of duties on New Zealand exports immediately upon implementation, with that figure set to increase to 97% after seven years. "Our growing network of trade agreements means exporters now have more choices about where to sell their world-class products," McClay added.
For more information:
Hon Todd McClay
New Zealand Government
Email: [email protected]
www.beehive.govt.nz
