The planned deepening of economic ties will be possible thanks to a new free trade agreement (FTA) signed between the European Union and New Zealand on July 10, Polish state news agency PAP reported.
Polish Deputy Development and Technology Minister Grzegorz Piechowiak said: “EU companies, including Polish firms, will benefit from cuts in tariffs, worth some EUR 140 million a year. Thanks to the FTA, trade between the EU and New Zealand will rise by up to 30 percent.”
He added that the European bloc’s annual exports to New Zealand could increase by up to EUR 4.5 billion, and investment by 80 percent.
Piechowiak said that, in the course of four-year negotiations, the EU had managed to secure much better access to the New Zealand market for its agri-food products.
He told the PAP news agency: “This FTA will improve export opportunities for the producers of beef, poultry, dairy products, vegetables, frozen strawberries, flour, processed food and juices.”
Poland’s bilateral trade with New Zealand surpassed USD 309 million (EUR 232 million) in 2022, with exports exceeding USD 198 million (EUR 181.6 million) and the trade surplus at more than USD 87 million (EUR 79.8 million), according to officials.
So far, Poland’s exports to New Zealand have included mainly electrical machinery, agri-food products and chemical products, the development and technology ministry said.
“Poland seeks to expand cooperation with New Zealand in financial technology, IT, services for the banking sector and equipment for the medical industry,” it added.
To prepare Polish companies for new export opportunities in New Zealand, the Polish government recently held a webinar together with the New Zealand Trade and Enterprise agency and the POLANZ Polish business organisation in New Zealand, the PAP news agency reported.
The meeting also featured representatives from Polish companies already active on the New Zealand market, such as IT firm Comarch, construction company Izodom, a producer of energy-efficient homes, and interior design company Royaleson, according to officials.
The free trade deal between the EU and New Zealand still needs the go-ahead from the European Parliament, the PAP news agency reported. After the ratification process is completed in both the EU and New Zealand, the deal will enter into force, the EU’s executive Commission has said.
(pm/gs)
Source: PAP, ec.europa.eu