European Parliament approves New Zealand-EU FTA

The agreement, approved with 524 votes in favour, 85 against and 21 abstentions, has been described by members of the European Parliament (MEPs) as a ‘gold standard’ agreement. This FTA is the EU’s first to include enforceable commitments to the Paris Agreement and to core International Labour Organization (ILO) standards, the European Parliament said in a press release.

Bilateral trade in goods between the EU and New Zealand reached €9.1 billion in 2022, with the EU being New Zealand’s third-largest trade partner. Trade between New Zealand and the EU is expected to increase by 30 per cent, according to the EU Commission. EU investment flows into New Zealand could increase by over 80 per cent, according to the same projections.

The accompanying report, setting out the Parliament’s position, was adopted by 457 votes in favour, 104 against and 74 abstentions.

“Today is a good day for the EU and global rule-based trade. Our vote is a very clear signal of our commitment to negotiating new EU free trade agreements, of which we have seen too few in this parliamentary term. While we live at different ends of the world, the EU and New Zealand are close, trusted, reliable, and like-minded partners. Together, we are driving global rules-based trade forward against the backdrop of a worldwide wave of protectionism and isolationism,” said rapporteur Daniel Caspary (EPP, DE).

ALCHEMPro News Desk (NB)