emirates7 - The United Arab Emirates (UAE) and New Zealand have successfully completed negotiations for a Comprehensive Economic Partnership Agreement (CEPA). Once signed and implemented, this agreement aims to strengthen trade and investment relations between the two countries.
The finalization of the deal, part of the UAE’s ongoing CEPA initiative, was marked by the signing of a joint statement by Dr. Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, and New Zealand’s Trade Minister, Todd McClay.
When operational, the UAE-New Zealand CEPA will aim to lower or remove tariffs, eliminate unnecessary trade barriers, enhance market access, and open up new investment opportunities. The agreement is also expected to promote collaboration between the private sectors of both nations, leveraging the UAE's position as one of the world’s most globalized economies.
Dr. Al Zeyoudi remarked that New Zealand, like the UAE, has an economy driven by trade and global connectivity. He emphasized that the CEPA will not only enhance bilateral trade but will also strengthen ties with the Asia-Pacific region, aligning with the UAE’s ambitious foreign trade strategy. He further noted that New Zealand’s strong agricultural and food production sectors make it a valuable partner in several industries.
McClay highlighted the potential benefits for New Zealand exporters in the UAE’s dynamic economy. He pointed out that New Zealand’s safe, high-quality agricultural products, robust manufacturing, and innovative services sector are well-positioned to benefit from this partnership. He also welcomed the prospect of closer trade and people-to-people connections.
The UAE’s CEPA program plays a key role in its economic growth strategy. In the first half of 2024, the UAE’s non-oil trade in goods hit a record AED 1.395 trillion, marking an 11.2% increase from the same period in 2023, and continuing a trend of consistent growth in foreign trade.
The UAE and New Zealand have seen steady growth in their economic ties. Bilateral non-oil trade reached $460.3 million in the first half of 2024, a rise of 11.5% compared to the same period the previous year. The UAE remains New Zealand’s largest trading partner in the Middle East, accounting for half of its trade with the MENA region, and ranks as New Zealand’s tenth-largest global trading partner.
In addition to boosting trade, the CEPA is expected to stimulate investment between the two nations. UAE investments in New Zealand exceeded $170.2 million in 2021, while New Zealand’s foreign direct investment (FDI) in the UAE reached $74.2 million. The UAE’s stable economy, low taxes, and favorable legal framework make it an appealing destination for New Zealand investors.
The finalization of the deal, part of the UAE’s ongoing CEPA initiative, was marked by the signing of a joint statement by Dr. Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, and New Zealand’s Trade Minister, Todd McClay.
When operational, the UAE-New Zealand CEPA will aim to lower or remove tariffs, eliminate unnecessary trade barriers, enhance market access, and open up new investment opportunities. The agreement is also expected to promote collaboration between the private sectors of both nations, leveraging the UAE's position as one of the world’s most globalized economies.
Dr. Al Zeyoudi remarked that New Zealand, like the UAE, has an economy driven by trade and global connectivity. He emphasized that the CEPA will not only enhance bilateral trade but will also strengthen ties with the Asia-Pacific region, aligning with the UAE’s ambitious foreign trade strategy. He further noted that New Zealand’s strong agricultural and food production sectors make it a valuable partner in several industries.
McClay highlighted the potential benefits for New Zealand exporters in the UAE’s dynamic economy. He pointed out that New Zealand’s safe, high-quality agricultural products, robust manufacturing, and innovative services sector are well-positioned to benefit from this partnership. He also welcomed the prospect of closer trade and people-to-people connections.
The UAE’s CEPA program plays a key role in its economic growth strategy. In the first half of 2024, the UAE’s non-oil trade in goods hit a record AED 1.395 trillion, marking an 11.2% increase from the same period in 2023, and continuing a trend of consistent growth in foreign trade.
The UAE and New Zealand have seen steady growth in their economic ties. Bilateral non-oil trade reached $460.3 million in the first half of 2024, a rise of 11.5% compared to the same period the previous year. The UAE remains New Zealand’s largest trading partner in the Middle East, accounting for half of its trade with the MENA region, and ranks as New Zealand’s tenth-largest global trading partner.
In addition to boosting trade, the CEPA is expected to stimulate investment between the two nations. UAE investments in New Zealand exceeded $170.2 million in 2021, while New Zealand’s foreign direct investment (FDI) in the UAE reached $74.2 million. The UAE’s stable economy, low taxes, and favorable legal framework make it an appealing destination for New Zealand investors.