New Zealand ranked as the 49th largest trading partner of the EU in 2016, while the EU is New Zealand’s second largest trading partner after Australia.
Total trade in goods between EU and New Zealand amounted to 8.1 billion euro in 2016 and total trade in commercial services amounted to further 4.3 billion euro in 2015.
The Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters, signed on 3 July 2017, is an important step in strengthening EU-New Zealand relations. The agreement will benefit legitimate trade between the two parties by creating a more secure and trade-friendly environment as their customs authorities will exchange more information to ensure the proper application of customs legislation under the signed Agreement.
The main highlights of the agreement are:
- the creation of a comprehensive framework for the EU and New Zealand to cooperate in the area of customs with the objective of ensuring effective controls;
- the development of modern and simple procedures in order to save time and money in getting goods through customs;
- the protection of citizens by stopping harmful or illegal goods reaching the European Market.