Sending the text to the Council of the European Union for signature is an important step towards ratifying the trade deal with New Zealand. After the green light from the Council, Europe and New Zealand will be able to sign the agreement and submit it to the European Parliament for approval and subsequent entry into force.

According to forecasts, the agreement will result in a 30% growth in bilateral trade, with a potential increase in EU annual exports that could reach 4.5 billion euros: the growth potential of EU investments in New Zeeland is instead 80%. Furthermore, the agreement would make it possible to reduce duties for European companies by around 140 million euros a year starting from the first year of application.

After the application of the agreement, EU farmers will have much more possibilities to sell their products in New Zealand: starting from the first day, duties will be abolished on the main European exports, such as pork, wines and sparkling wines, chocolate, sweets and cookies. The agreement will protect the list of wines and spirits (almost 2,000 denominations including prosecco) and 163 traditional products (geographical indications) such as our Asiago cheese.

For dairy products, beef and sheepmeat, ethanol and sweetcorn, on the other hand, there will be no trade liberalization but zero-duty or lower-duty imports from New Zealand will be allowed only in limited quantities through so-called "quota tariffs".

For the first time in an EU trade agreement there is also a chapter dedicated to sustainable food systems, one dedicated to trade and gender equality and a specific provision on trade and the reform of subsidies for fossil fuels. The partnership also liberalises environmental goods and services upon entry into force.

Negotiations for a free trade agreement with New Zealand started in June 2018: 12 rounds of negotiations took place until March 2022, followed by cross-sessional discussions leading to the conclusion of the negotiations on 30 June 2022, when the agreement was was announced by President Ursula von der Leyen and then New Zealand Prime Minister Jacinda Ardern , in the presence of Executive Vice-President Valdis Dombrovskis and New Zealand Trade Minister Damian O'Connor, who spearheaded the negotiations on both sides.