New Zealand and UAE Sign Comprehensive Economic Partnership Agreement

In a significant step towards strengthening economic ties, New Zealand Prime Minister Christopher Luxon and UAE President Sheikh Mohammad bin Zayed recently witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) in Abu Dhabi. This agreement, along with an accompanying investment treaty, was signed by New Zealand Trade Minister Todd McClay and his UAE counterpart, the Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi.

Prime Minister Luxon emphasized the importance of this deal, stating that securing trade agreements for Kiwi exporters is a priority for the National-led government. He highlighted the aim to double the value of New Zealand's exports over the next decade.

"The CEPA will unlock economic opportunities for Kiwi businesses, secure preferential access for our primary sector exporters, and strengthen supply chains with a key partner in the Gulf region," said Luxon.

The annual trade between New Zealand and the UAE is currently valued at NZ$1.3 billion. The agreement will immediately eliminate duties on 98.5% of New Zealand exports to the UAE, rising to 99% within three years. Trade Minister McClay remarked on the impact of this agreement, noting that it is aligned with the government's target of doubling exports by value in ten years.

New Zealand's top exports to the UAE include dairy, industrial products, meat, horticulture, and tourism, with dairy alone valued at $707 million.

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