2023-11-27 14:42:09
The EU trade ministers approved the trade agreement between the EU and New Zealand on Monday. On the EU side, this decision paves the way for the agreement to come into force. Once New Zealand has ratified the agreement, it is expected to come into force at the beginning of 2024. According to Labor and Economics Minister Martin Kocher (ÖVP), Austria has approved the decision.
“Exports generate wealth and jobs in Austria. In order for Austrian companies to have secure framework conditions and easier access to important markets, fair and modern trade agreements are needed. The trade agreement will strengthen the position of Austrian companies and allow them to be more competitive against strong competitors from China and other Asian countries,” Kocher said in a statement.
The EU is New Zealand’s third largest trading partner. Bilateral trade in goods has increased steadily in recent years and reached almost 9.1 billion euros in 2022, according to EU figures. Once the agreement comes into force, bilateral trade is expected to grow by up to 30 percent. The agreement is intended to ensure a reduction in trade barriers and tariffs as well as improved access to services and public procurement.
According to the Federal Ministry of Economics and Labor, New Zealand is Austria’s 66th most important trading partner, with a trade volume of around 218 million euros in 2021. Austria mainly imports meat, vegetables and fruit; The most important export products are currently vehicles and machines.
The Anders Handel platform criticized on Monday the EU’s plans to conclude further trade agreements in the next few months. “With its unswerving adherence to new trade liberalizations, the EU is counteracting its own climate goals and exacerbating environmental destruction and inequality,” the platform said in a release. It was initiated by, among others, the anti-globalization non-governmental organization (NGO) Attac, the environmental protection organization Global 2000 and several trade unions and is supported by around 50 other organizations.
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