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The recently signed EU-New Zealand SPS (Sanitary and Phytosanitary) agreement has been making waves in the agricultural and trade industries. This landmark agreement is set to improve market access between both regions, reduce trade barriers, and enhance transparency between regulatory systems.
SPS measures are used to protect human, animal, and plant health from various hazards and risks. In essence, it is a set of rules and regulations around food safety and biosecurity. The EU-New Zealand SPS agreement aims to align both regions` SPS rules to facilitate trade and reduce the need for costly and time-consuming testing and certification processes.
One of the most significant impacts of this agreement is that it will make it easier for New Zealand`s primary sector to access the European market. New Zealand`s primary industries, such as agriculture, horticulture, forestry, and fisheries, will benefit greatly from better market access and reduced trade barriers. New Zealand`s export industry accounts for over 20% of their GDP, and the SPS agreement will open up even more opportunities for growth.
Another key benefit of this agreement is the enhanced transparency and cooperation between regulatory systems. The EU and New Zealand will work together to improve information-sharing and technical cooperation around SPS measures. This will result in more efficient and effective risk management processes, which will benefit both European and New Zealand consumers.
Furthermore, this agreement sets a new standard for international trade agreements, as it includes provisions on animal welfare, environmental protection, and labor rights. These provisions are increasingly important to consumers, who are becoming more conscious of the social and environmental impacts of the products they consume.
In conclusion, the EU-New Zealand SPS agreement is an essential step forward in improving trade and regulatory systems between these two regions. The agreement will benefit both economies and consumers, as it promotes transparency, cooperation, and alignment around SPS measures. This agreement sets a new standard for international trade agreements, which includes provisions on animal welfare, environmental protection, and labor rights. This landmark agreement is a positive step towards a more sustainable and equitable global trade system.