UAE and New Zealand Sign Comprehensive Economic Partnership Agreement to Boost Bilateral Trade

In a historic move, President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of New Zealand, His Excellency Christopher Luxon, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations.

The agreement, signed at the Abu Dhabi National Exhibition Centre (ADNEC), aims to reduce trade barriers, improve customs procedures, and foster private sector collaboration and investment.

The UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and New Zealand’s Minister for Trade, Hon Todd McClay, put pen to paper on the deal that promises to unlock significant economic opportunities. Sheikh Mohamed bin Zayed highlighted the importance of the CEPA in strengthening ties with the Asia-Pacific region and fostering resilient, future-ready economies based on innovation and talent.

This agreement is expected to significantly boost bilateral trade, which reached US$642 million in the first nine months of 2024, marking an 8% increase from 2023. The CEPA will grant New Zealand duty-free access to 98.5% of UAE products, with this rising to 99% within three years. New Zealand, in turn, will provide 100% duty-free access to UAE imports.

The deal aims to triple trade to US$5 billion by 2032, expanding from a five-year average of US$1.5 billion. The agreement also covers key areas such as indigenous trade, sustainable development, and women’s economic empowerment. Alongside the CEPA, a Bilateral Investment Treaty was signed to further enhance investment relations.

This agreement is a cornerstone in the UAE's CEPA programme, which is integral to the nation’s strategy of reaching US$1 trillion in total trade value by 2031.

News Source: Emirates News Agency