Council Decision (EU) 2024/244 of 27 November 2023 on the conclusion, on behalf of the Union, of the Free Trade Agreement between the European Union and New Zealand

Ce que fait l'acte

to conclude the free trade agreement between the EU and New Zealand. ROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the act only if Parliament has given its consent to the act. BACKROUND: New Zealand is the EU's 50th-largest trading partner for goods while the EU is New Zealand's third largest trading partner, accounting for 11.5% of total trade (following China and Australia). Bilateral trade in goods between the two partners equalled EUR 7.8 billion in 2021, whereas trade in services accounted for EUR 3.7 billion in 2020. New Zealand's exports to the EU are largely dominated by agricultural products, while the EU's exports to New Zealand are focused on manufactured goods. In 2020, the stock of EU’s foreign direct investment in New Zealand amounted to EUR 8.5 billion and the stock of New Zealand's investment in the EU was EUR 4.8 billion. Negotiations for a Free Trade Agreement with New Zealand started in June 2018. 12 negotiating rounds took place up to March 2022, followed by intersessional discussions leading up to the conclusion of the negotiations on 30 June 2022. PURPOSE: to conclude, on behalf of the Union, the free trade agreement between the European Union and New Zealand. BACKGROUND: the free trade agreement between the European Union and New Zealand was signed subject to its conclusion at a later date. CONTENT: the purpose of the draft Council Decision is to approve, on behalf of the Union, the Free Trade Agreement between the European Union and New Zealand . The objectives of the agreement are to liberalise and facilitate trade and investment and to promote closer economic relations between the parties. - eliminate all tariffs on key EU exports to New Zealand such as pigmeat, wine and sparkling wine, chocolate, sugar confectionary and biscuits; - open New Zealand’s services market in key sectors such as financial services, telecommunications, maritime transport and delivery services; - ensure non-discriminatory treatment to EU investors in New Zealand and vice versa; - improve access for EU companies to New Zealand government procurement contracts for goods, services, works and works concessions; - protect close to 2000 EU wines and spirits and protect 163 of the most renowned traditional EU products (Geographical Indications); - facilitate data flows, predictable and transparent rules for digital trade and a secure online environment for consumers; - prevent unjustified data localisation requirements and maintaining the high standards of personal data protection; - help small businesses export more through a dedicated chapter on small and medium enterprises; - reduce compliance requirement and procedures to allow for quicker flow of goods; - protect and enforce intellectual property rights, aligned with EU standards, according to commitments by New Zealand. The Agreement is the first one to fully integrate the EU's new approach to trade and sustainable development (TSD) which has been endorsed by the Council in the conclusions of 17 October 2022. It includes specific provisions on sustainable food systems, trade and gender equality, and trade and fossil fuel subsidy reform. Lastly, the FTA provides for sanctions as…