A Milestone in UAE-New Zealand Economic Relations
An important Comprehensive Economic Partnership Agreement was signed between the United Arab Emirates and New Zealand at the Abu Dhabi National Exhibition Centre. The deal was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand Minister for Trade, to lift trade obstacles, ease customs processes, and standardize private sector collaboration and investment mechanisms.
PC: Arabian Business
The UAE President described the accord as a central supplement to the CEPA program of the United Arab Emirates that grafts bilateral relations onto a working partnership with New Zealand, thought to be among the most advanced and open markets in the Asia-Pacific region. His Highness mentioned that both countries are devoted to a future of strong knowledge-based economies driven by innovations and talents.
Economic Ties Get a Boost
The UAE-New Zealand CEPA builds on a burgeoning economic relationship that continues growing now. Non-oil trade between the countries reached USD 642 million in the first nine months of 2024, an 8% increase from the comparable period in 2023.
The deal allows New Zealand to export 100% of goods to the UAE without any duties, while the UAE will grant 98.5% of New Zealand imports that free access from day one, rising to 99% after a three-year timeframe. This is likely to lift trade between the two countries to USD 5 billion by 2032, tripling the average annual trade of USD 1.5 billion recorded from 2019 to 2023.
The Historic and Comprehensive Agreement
The UAE-New Zealand CEPA is New Zealand’s first deal with a Middle Eastern country, and it’s among the very most thorough of UAE’s CEPAs so far. It covers vital areas such as wall-to-wall trade, green growth, women empowerment, and open governance.
The two nations also signed a deal to help protect and grow investments. This deal blossomed and extended their use in strengthening effective investment relations in various fields.
Economic Vision Pillar
The CEPA is an important tool to achieve the objectives of growth within the UAE, facilitating trade value worth USD 1 trillion and doubling the economy to beyond USD 800 billion by 2031. Since its commencement in September 2021, it has concluded deals with countries in the Middle East, Africa, Southeast Asia, South America, and Eastern Europe. This has brought forth enhanced trade relations and market access for almost a quarter of the world population. The agreement between the UAE and New Zealand, in particular, solidifies the bond between these nations and heralds the beginning of the new era in trade exchange, investment, and cooperation.
