EU launches trade talks with New Zealand
Malmstroem - Peters - Photo EC
(WELLINGTON) - EU Trade Cecilia Malmstroem launched negotiations Thursday for a comprehensive trade agreement between the EU and New Zealand, aimed at removing barriers to trade in goods and services.
The negotiations will also aim to develop trade rules "to make trade easier and more sustainable", says the Commission.
The announcement follows the launch of talks with Australia earlier this week, as well as the conclusion of negotiations with Mexico, the finalisation of the agreements with Japan and Singapore, and the EU-Canada agreement which entered into force in September last year.
Trade Commissioner Malmstroem wselcomed the launch: "Together, we can conclude a win-win agreement that offers benefits to business and citizens alike. Trade agreements are about economic opportunities but they are also about strengthening ties with our close allies. In New Zealand, we know that we have a partner who stands up for the same vital values as us. This agreement is an excellent opportunity to set ambitious common rules and shape globalisation, making trade easier while safeguarding sustainable development."
The first formal round of talks between the respective sides' teams of negotiators will take place in Brussels from 16 to 20 July.
Whilst in New Zealand, the Commissioner met with Acting Prime Minister and Minister of Foreign Affairs Winston Peters.
Bilateral trade in goods between the EU and New Zealand stood at €8.7 billion last year. The sectors which make up the bulk of EU exports to New Zealand are manufactured goods like transport equipment, and machinery and appliances, as well as chemicals, plastics, food, and services. In addition, a further €4.4 billion is exchanged in services (2016).
The EU is New Zealand's third biggest trade partner and the agreement could increase trade in goods by almost 50%, or by one third if both goods and services are considered.
New Zealand is one of the world's fastest-growing developed economies. The EU executive says the agreement between the EU and New Zealand will ensure that European companies are competing on a level playing field with businesses from countries with which New Zealand already has trade agreements.