The UAE and New Zealand concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), it was announced on Thursday. The deal is expected to unlock economic opportunities for exporters and boost supply chains with one of the latter's most important trading partners in the Middle East.
The trade deal will remove duties on 98.5 per cent of New Zealand's exports with that proportion expected to rise to 99 per cent within three years, New Zealand Trade Minister, Todd McClay, said in a statement.
"This will create new opportunities for New Zealand businesses in the dynamic UAE market, contributing to our ambitious target of doubling exports by value in 10 years," McClay said.
After signing the joint statement the UAE Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi stated, “New Zealand is a long-standing partner of the UAE with an economy that, like ours, is underpinned by trade and global connectivity. Our CEPA will serve as a catalyst not only for bilateral trade but for greater exchange between the UAE and the high-growth Asia-Pacific region, underscoring the scope and ambition of our foreign-trade agenda.
He added, "The UAE is committed to expanding opportunity for our private sector by enhancing market access to key economies, and with its well-developed agriculture and food-production sectors, New Zealand is a nation that holds outstanding potential across a number of industry verticals.”
Two-way trade between the countries was valued at AED 2.9 billion (NZ$1.3 billion) from January to June 2024.
The agreement was concluded in over four months following the beginning of talks in May, making this New Zealand's fastest-ever trade agreement negotiation, McClay said.
Australia and the UAE concluded a similar trade deal earlier this month.
New Zealand has also been negotiating a trade deal with the Gulf Cooperation Council (GCC). His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of of State for Foreign Trade, said a CEPA with the UAE would accelerate the GCC deal.
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