The Prime Minister of New Zealand, Bill English met with the President of the European Commission, Jean Claude Juncker earlier this week in Brussels (December 10th).
The kick starting of free trade talks was high on the agenda, with both men bullish that an agreement could be reached within 2 to 3 years. Typically such agreements can take in excess of 7 years to complete.
A recent Report by the European Commission’s Joint Research Centre shows that New Zealand with a population of 4.4 million, stands to benefit significantly in terms of increased agri-food exports (mainly dairy and sheep meat) into the EU’s single market of 500 million people.
Below is a table highlighting the results of the JRC research for dairy under a conservative and ambitious trade agreement outcome. The EU’s trade balance is negatively affected under both scenarios.
By Eamonn Farrell
Agri Food Policy Executive
28 May 2021