The UAE has concluded trade agreement negotiations with New Zealand, the third in the last 10 days, which will unlock economic opportunities for Kiwi exporters and create stronger supply chains with one of our most important trading partners in the Gulf region.
This agreement was concluded in just over 4 months following the launch of negotiations in May this year, making this New Zealand’s fastest-ever trade agreement negotiation, and the most trade liberalising of any of the UAE’s Comprehensive Economic Partnership Agreement (CEPA) so far.
New Zealand’s Minister for Trade, Agriculture and Forestry Todd McClay said that this showed the New Zealand Government’s commitment to opening doors and reducing costs and barriers for Kiwi exporters.
The announcement was made after the conclusion of formal talks between Todd McClay and his UAE counterpart Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi in Wellington.
The New Zealand Minister also said that the CEPA with the UAE will eliminate duties on 98.5% of New Zealand’s exports immediately on entry into force, rising to 99% within three years. This will create new opportunities for New Zealand businesses in the dynamic UAE market, contributing to our ambitious target of doubling exports by value in ten years, he said.
“The UAE is a key export destination and hub in the Gulf region. In the year to June 2024, two-way trade was valued at $810 million. The UAE is one of our largest markets in the Middle East, and a top 20 export market overall,” he added.
New Zealand dairy exports to the UAE amounted to $449.96 million, industrial products $148.52 million, red meat $28.83 million, horticulture $27.57 million, and tourism $19.43 million. New Zealand imported $95.26 million of products and services from the UAE over the same period, including plastics, carpets, travel services and glass.
New Commitments
In addition to removing tariffs, the CEPA includes new commitments which will provide greater certainty for New Zealand services exporters when operating in the UAE.
The CEPA’s Investment Facilitation chapter, and a Bilateral Investment Treaty concluded alongside the CEPA, will together provide a framework for broadening and strengthening our investment relationship and help increase two-way investment with the UAE. The agreement does not include Investor-State Dispute Settlement (ISDS).
Professional services, education services, and the audio-visual and gaming sectors, as well as engineering and environmental services will all benefit from this Agreement.
The CEPA also includes chapters on intellectual property, sustainable development, labour, sustainable agriculture, climate, and on indigenous trade. We have also secured New Zealand’s Treaty of Waitangi exception to allow us to meet treaty obligations.
Dr Al Zeyoudi said that New Zealand has been a long-standing and highly valued trade partner of the UAE.
“The CEPA will further strengthen our bilateral relations and boost private-sector opportunity in both nations. The conclusion of our CEPA is also an important step forward in realizing our shared ambition to secure long-term prosperity for our peoples and nations alike,” the UAE Minister added.
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