Updates: free trade agreement

    EU to revitalize its bilateral free trade agenda in a concept of friend-shoring

    At this time of year, images of vacation destinations appeal once more. We did not choose this picture of New Zealand randomly. However, there is a link with the trend of ‘friend-shoring’ that we would like to bring to your attention. 

    During the Three Seas Summit in Riga (Latvia), calls were made for new conversations on friend-shoring and further diversifying input sources for the European Union. During his keynote address, EU Trade Commissioner Valdis Dombrovski argued that these are necessary to keep supply chains efficient and resilient. For example, he referred to recent aluminium tariffs set with the US and relaunched negotiations regarding a free trade deal with India.

    Another remarkable feat of friend-shoring was the recent signing of a free trade agreement between the EU and New Zealand. With the help of this agreement, all existing tariffs on EU exports into NZ will be eliminated. As a result, it will significantly improve access to the EU for products from New Zealand’s substantial meat and dairy industry and alleviate shipping and trade of fruit and vegetables.

    As Trade Commissioner for the EU, Mr Dombrovski was invited to an EU parliamentary question to rapidly revitalize the EU’s bilateral free trade agenda, particularly with Chili, Mexico and Mercosur.

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