UAE and New Zealand Finalize CEPA to Boost Trade and Investment

The United Arab Emirates and New Zealand have successfully concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), set to significantly enhance trade and investment between the two nations.

The agreement, once signed and implemented, will remove tariffs, reduce trade barriers, and create new avenues for market access and private sector collaboration.

The UAE’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, and New Zealand’s Minister of Trade, Todd McClay, confirmed the deal by signing a joint statement. Al Zeyoudi highlighted the longstanding partnership between the two nations and emphasized how the CEPA will act as a catalyst for deeper trade ties, especially in the high-growth Asia-Pacific region.

“New Zealand is a long-standing partner of the UAE with outstanding potential across several sectors, including agriculture and food production,”

Al Zeyoudi stated.

“This CEPA will drive growth not only in bilateral trade but across the region.”

McClay also emphasized the benefits for New Zealand’s exporters, stating,

“Our agricultural goods, manufacturing, and services sectors are well-positioned to thrive in the UAE’s dynamic economy.”

The UAE’s CEPA program remains central to its foreign trade strategy, contributing to the country’s record non-oil trade of AED 1.395 trillion in H1 2024, an 11.2% increase from the same period in 2023. Additionally, bilateral non-oil trade between the UAE and New Zealand totaled US$460.3 million in H1 2024, up 11.5% from the previous year.

The CEPA is expected to boost investment, with UAE’s investments in New Zealand already exceeding US$170.2 million and New Zealand’s foreign direct investment in the UAE reaching US$74.2 million.

News Source: Emirates News Agency