Wellington, The United Arab Emirates and New Zealand have successfully concluded negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) that will, once signed and implemented, enhance trade and investment flows between the two nations.
The latest deal in the UAE’s ongoing CEPA programme was confirmed by the signing of a joint statement by Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand’s Minister of Trade, the Emirates News Agency (WAM) reported.
Once implemented, the UAE-New Zealand CEPA will reduce or remove tariffs, eliminate unnecessary trade barriers, improve market access, and create new platforms for investment and private sector collaboration with one of the world’s most globalised economies.
Upon the conclusion of negotiations, Al Zeyoudi stated, “New Zealand is a long-standing partner of the UAE with an economy that, like ours, is underpinned by trade and global connectivity. Our CEPA will serve as a catalyst not only for bilateral
trade but for greater exchange between the UAE and the high-growth Asia-Pacific region, underscoring the scope and ambition of our foreign-trade agenda.
The UAE’s CEPA programme and expanding foreign trade remain the cornerstone of the UAE’s economic growth strategy. In H1 2024, the UAE’s non-oil trade in goods reached a record AED1.395 trillion, an 11.2 percent increase in foreign trade compared to H1 in 2023 and the sixth consecutive half of foreign trade growth.
In addition, the CEPA is also projected to increase investment between the two countries, creating opportunities for collaboration across a number of priority sectors. The UAE’s investments in New Zealand totaled more than US$170.2 million in 2021, while FDI from New Zealand to the UAE rose to $74.2 million, with the UAE’s economic stability, low taxes and robust legal framework making it an attractive destination for New Zealand’s investment community.
Source: Bahrain News Agency