EU and New Zealand seal trade deal with tougher new green rules – POLITICO & More News Here

The EU on Thursday sealed a new trade deal with New Zealand. Brussels hopes the deal, although small in absolute phrases, will give momentum to its different free-trade talks whereas taking a greener flip in future agreements.

“This is a historic moment in our cooperation.” European Commission President Ursula von der Leyen stated at a press convention. “It is a solid and a modern trade agreement.”

New Zealand Prime Minister Jacinda Ardern, who stood subsequent to von der Leyen, stated the deal was a “high-quality, inclusive free trade agreement.”

Trade in items between the EU and New Zealand was price €7.8 billion final yr — making up simply 0.2 % of the bloc’s whole trade. New Zealand is the EU’s Fiftieth-largest buying and selling associate in items.

Nevertheless, New Zealand has punched above its weight within the trade negotiations. Brussels and Wellington have been haggling over agricultural entry for beef and dairy merchandise till proper earlier than the deal was introduced. But with New Zealand Prime Minister Jacinda Ardern visiting Brussels, negotiators have been underneath strain to announce a political settlement Thursday.

The deal is the primary to incorporate the EU’s greener ambitions on trade, which it introduced final week. After this pact, if the EU’s companions fail to respect labor or sustainability requirements enshrined within the bloc’s trade agreements, they might get punished with sanctions.

The deal, signed the final day of the French presidency of the Council of the EU, can also be a win for Paris, which wished the New Zealand accord to usher in a new “gold standard” for sustainability, as French trade minister Franck Riester advised reporters final yr.

It’s additionally a lift to the EU’s self-confidence in signing free trade offers. The present European Commission has been struggling to conclude and ratify trade agreements, particularly underneath the protectionist French presidency of the Council of the EU. Now that the Czech Republic and Sweden, two of the bloc’s largest supporters of free trade, are taking up the presidency, the EU is eager to get its free-trade engine operating once more. 

Russia’s invasion of Ukraine has additionally fueled calls to open up extra commerce with the remainder of the world to diversify sources of provide, particularly with politically pleasant nations — together with within the Indo-Pacific area as tensions additionally run excessive with Beijing.

Next up: Canberra

At the identical time, a deal with New Zealand is low-hanging fruit. Climate ambitions have been by no means a problem for Wellington, which truly pushed Brussels to go additional on green measures final yr, at a time when the EU was nonetheless resisting a sanctions-based sustainable growth chapter.

The EU’s deal with New Zealand now ups the strain on Brussels to strike an settlement with Australia as properly. Negotiations with New Zealand and Australia had superior roughly in parallel till France furiously hit the brakes on talks with Canberra for just a few months after shedding a multibillion-dollar submarine settlement.  

Australia is an agricultural powerhouse, which makes the talks with Canberra extra delicate since European farmers are cautious of meals imports. The EU may also hit a wall with its local weather calls for, though Australia’s new left-wing Prime Minister Anthony Albanese performed down that concern earlier this week. Albanese, who’s in Europe this week due to the NATO summit, stated he hoped for an “acceleration” of the EU-Australia talks within the coming months.

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