Earlier today, EU Commissioner for Trade, Cecilia Malmström, met today in Brussels with her New Zealand counterpart, Tim Groser, to explore the possibilities of a future bilateral free trade agreement between Europe and New Zealand.

The meeting between both trade ministers followed the announcement made by New Zealand Prime Minister John Key, President of European Commission Jean-Claude Juncker and EU President Donald Tusk of their shared commitment to engage in the process leading towards a high-quality free trade agreement.

During the meeting it was agreed that in order to promote closer economic ties, both sides agreed that a future deal should be both ambitious and comprehensive.

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In a statement, the European Commission said the shared aim is “to set rules that correspond to the reality of global supply chains and the increasing international interdependence in manufacturing and the provision of services.”

Trade

It added that any future agreement would also promote transparency of rules, the fight against corruption and coherence between economic benefits, workers' rights and environmental protection.

Trade between the EU and New Zealand is growing and today accounts for €7.9bn. The EU is New Zealand’s third largest trading partner after Australia and China, while New Zealand is ranked as Europe’s 51st most important trading partner according to the Commission.