Recent NZ-UAE Free Trade Agreement
The United Arab Emirates (UAE) is one of New Zealand’s largest markets in the Middle East, with goods and services exports totaling NZ$1.1 billion for the year ended 30 June 2024. Negotiations for a trade agreement, to be known as the Comprehensive Economic Partnership Agreement (CEPA), between New Zealand and the UAE concluded in Wellington on 26 September 2024.
The agreement will now undergo legal verification to prepare it for signature and public release. Once signed, both New Zealand and UAE will still need to take further steps before it becomes enforceable.
The key outcomes of the CEPA include:
• A significant expansion of New Zealand’s free trade
• New Zealand will have the best available access to the UAE market, with New Zealand goods exporters able to access the market duty-free. The CEPA will eliminate tariffs on 98.5% of exports to the UAE. This is planned to increase to 99% after three years. The initial access includes all New Zealand dairy, meat, horticulture and industrial products, and
• The UAE is a key export destination and hub in the Gulf region. It offers significant opportunities to enhance cooperation across many areas, including agriculture and sustainable energy.
The UAE’s high-value market offers export growth for New Zealand companies, aligning with the government’s ambitious goal of doubling export value to the region within the next decade. Importantly, this also benefits our rural sectors, driving economic benefits across the country.
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