The European Union has completed political procedures ratifying an ambitious free trade agreement (FTA) with New Zealand that puts the UK’s deal “to shame”, according to Mike Galsworthy.
The deal is expected to cut some €140 million a year in duties for EU companies, and would have cut British firms in too had we still been part of the bloc.
As a result, bilateral trade is expected to grow by up to 30 per cent within a decade, with EU exports growing by up to €4.5 billion annually.
EU investment into New Zealand is expected to grow by up to 80 per cent, in turn.
Commenting on the deal, Ursula von der Leyen, President of the European Commission, said: “New Zealand is a key partner for us in the Indo-Pacific region, and this ambitious free trade agreement will bring us even closer together.
“The deal will bring major opportunities for EU companies, with exports expected to grow by up to €4.5 billion annually. But this is not all: thanks to unprecedented social and climate commitments, our consumers and environment will also reap the benefits.
“This is how the EU achieves positive results at global level – by working in cooperation with our partners.”
Galsworthy, the chair of the European Movement, added: “I don’t recall Brexiteers, or the UK public, complaining about a single deal of the dozens that the Commission completed for the UK and other member states.
“The EU knows how to do deals in its own interests. This New Zealand deal is yet another.
“Compare it to our government’s rushed deal with New Zealand and you have a near-perfect case-control study.
“The EU deal puts the UK FTA with New Zealand to shame. And it shows that, rather than freeing the UK to make deals that better suit our national interests, Brexit has diminished our deal-making leverage. We would do better at global trade if we worked with our European allies.”
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