MEP Victor Negrescu, as a member of the European Parliament Delegation for relations with Australia and New Zealand, travelled to Wellington on 20-22 February to attend the 27th EU-New Zealand Inter-parliamentary Meeting. Along with nine other colleagues from the European Parliament, he also attended meetings with ministers from the Ministries of Foreign Affairs, Climate Change, Agriculture, Economy and Trade and the Minister for the Pacific People.

The visit to New Zealand took place against the backdrop of the ratification process of the trade agreement with the EU, which the European Commission sent to the Council for approval on 17 February. In this context, the European Parliament delegation to New Zealand took advantage of the trip to discuss with local representatives the ways by which this opportunity could be exploited to further the bilateral relations.

The agreement will bring major benefits for the EU, with bilateral trade expected to increase by up to 30% and the bloc’s annual exports potentially reaching €4.5 billion. Moreover, the agreement could reduce customs duties by around €140 million a year for EU businesses, starting in the first year of implementation. In addition, EU investment in New Zealand has the potential to grow by up to 80%.

According to MEP Victor Negrescu, the new trade deal with New Zealand is also important because:

– the trade deals offer new economic opportunities;

– the votes of countries in Oceania are needed to back approaches and positions in international organisations, and New Zealand is key to this;

– New Zealand is part of the international coalition condemning the Russian Federation’s war against Ukraine;

– New Zealand has resources that are essential for European strategic industrial autonomy.

Once the Council gives its green light, the EU and New Zealand can sign the agreement and it can be sent to the European Parliament for approval. Once these procedural steps have been completed, the agreement can enter into force.