The UAE and New Zealand have successfully concluded talks on the Comprehensive Economic Partnership Agreement (CEPA) between the two friendly nations.
The parties have reached the final terms of the agreement, preparing for its official signing at a later date.
H.E. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, signed a joint statement with Todd McClay, New Zealand’s Minister for Trade, Agriculture, and Forestry.
Announcing the successful conclusion of the talks and agreement on the final terms.
Both ministers affirmed the commitment of their two nations to work together to elevate relations to new levels of integration and mutual growth.
UAE and New Zealand Comprehensive Economic Partnership Agreement
Once officially signed and ratified, and later coming into force, the agreement will boost trade and investment flows between the two countries, by the following:
- Reducing or eliminating tariffs
- Removing unnecessary barriers to trade
- Enhancing market access
- Creating new platforms for investment and collaboration with the private sector in one of the world’s most open economies.
H.E. Dr. Thani bin Ahmed Al Zeyoudi said:
“New Zealand is an important partner for the UAE.
There is a promising opportunity to achieve economic integration and mutual growth between the two countries.
As both of their economies focus on global trade and investment openness.”
He emphasized that the CEPA with New Zealand would stimulate bilateral trade and boost trade exchanges between the UAE and the rapidly growing Asia-Pacific region.
Reflecting the UAE’s ambitious foreign trade strategy.
Expanding Opportunities
The agreement also highlights the UAE’s commitment to expanding opportunities for the private sector.
By enhancing market access to major economies, including New Zealand, which boasts strong industrial sectors, particularly in agriculture and food production.
Todd McClay added:
“The CEPA will enable New Zealand exporters to reach new markets through the UAE.
Benefiting from promising opportunities for cooperation and partnership building.”
The UAE is New Zealand’s second-largest trading partner in the Middle East and 20th globally, according to 2023 data.
The CEPA will further strengthen the growing trade relationship between the two nations.
Mentioning that non-oil trade between them reached USD 460.3 million in the first half of 2024.
This marks a 11.5% increase compared to the first half of 2023.
UAE exports to New Zealand also grew by 9.8% in the same period.
USD 170.2 Million Investments in 2021
In addition to increased bilateral trade, the agreement is expected to significantly boost investment flows between the two countries.
With promising opportunities for cooperation and partnership building across multiple sectors.
Notably, UAE investments in New Zealand exceeded USD 170.2 million in 2021.
While foreign direct investments from New Zealand to the UAE rose to USD 74.2 million.
The UAE’s growth-oriented business environment makes it an attractive destination for New Zealand investors.
The United Arab Emirates and the United States of America today signed an agreement on cooperation and mutual administrative assistance in customs affairs to enhance economic, trade and customs cooperation and exchange customs expertise and information between the two countries. pic.twitter.com/G0DK8IWApD
— UAE Voice (@uae_voiceeng) September 25, 2024
The UAE’s CEPA program and expansion of foreign trade are key pillars of the country’s economic growth strategy.
In the first half of 2024, the UAE’s non-oil trade in goods reached a record AED 1.395 trillion.
Representing an 11.2% increase in foreign trade compared to the first half of 2023, marking the sixth consecutive half-year of trade growth.
