On 9 July 2023, the EU and New Zealand signed their Free Trade Agreement.

The free trade agreement between the EU and New Zealand will deliver significant gains for the EU. The deal will cut some €140 million a year in duties for EU companies from the first year of application. As a result, bilateral trade is expected to grow by up to 30% within a decade, thanks to this deal, with EU annual exports potentially growing by up to €4.5 billion. EU investment into New Zealand has a potential to grow by up to 80%. This landmark agreement also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights. 

This video shows a statement given by Valdis Dombrovskis, Executive Vice-President of the European Commission in charge of an Economy that works for People, and Commissioner for Trade, and Damien O’Connor, Minister for Trade and Export Growth of New Zealand, on this occasion.