EU-NZ FTA moves closer to entry into force

 ✅ The announcement that the European Commision has submitted draft decisions on signature and conclusion to the Council indicates that legal scrubbing is complete and the authenticated text is ready for adoption by the EU!

What happens next?
⏩This is an "EU only agreement" meaning that all the matters fall within the exclusive competence of the Union.
► The Council must now decide on the conclusion of the Agreement by the Union (Qualified Majority Vote)
► The Union representative will then act on that decision and notify NZ that the Union gives its consent to be bound to the treaty.
✖ National Parliaments of the EU Member States do not need to ratify this Agreement
✔ International Agreements are binding on the Union, the institutions and the Member States (Art 216 TFEU). Once adopted, the #EU-#NZ FTA will be integrated in the EU legal order.

What will this FTA mean for EU industry ❓
According to the impact assessment:
↑  Bilateral trade is expected to increase by up to 30%
€ EU companies exporting to New Zealand can save up to 140 million euros a year in duties

Under the Agreement:
↓ Tariffs for EU farmers exporting to NZ will drop to Zero on all agri-food products
 ►The EU market is gradually opening to NZ agri-food exports - with tariff rate #quotas on #beef #sheep meat #milk powder #butter and #cheese
 ►Both parties have protected #GIs on #wine. The EU also has protected GIs on #spirits and 163 food GIs.

🌏Why is it described as the EU's "greenest" trade deal ?
✔ The FTA includes an ambitious #trade and #sustainable #development chapter (TSD);
✔ Compliance with the obligations under the Paris Agreement is an "essential element";
✔Commitments to Paris Climate Agreement and core labour standards are enforceable through trade #sanctions as a last resort;
✔There is a dedicated chapter on Sustainable Food Systems and Animal Welfare,