The EU’s free trade pact with New Zealand is part of the shift from Russia

, : Negotiations on an EU- free trade agreement were successfully concluded this week, paving the way for a 30% increase in their flow of goods and services.

EU Trade Commissioner said the agreement sent an important “geopolitical signal” and stressed that the would seek further partnerships.

“It’s clear that we need to diversify away from … (and) look for new markets, supply chains and so on, and that’s exactly what this deal is contributing as well,” Dombrovskis told reporters.

The agreement will remove tariffs on several products and be the first that the EU met to include potential sanctions for breaches of environmental or labor standards, a concept it only proposed last week.

Tariffs will fall on EU exports, such as clothing, chemicals, medicines and cars, as well as wine and confectionery. The EU will increase its New Zealand beef quota by 10,000 tonnes, a sensitive area in particular for , and increase volumes of lamb, butter and cheese.

The agreement can enter into force in 18-24 months, depending on the approval of the and the EU governments, a process that has sometimes taken several years.

Source: sn.dk

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