In Abu Dhabi yesterday, New Zealand Prime Minister Christopher Luxon and UAE President Sheikh Mohammad bin Zayed witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) and an accompanying investment treaty by Trade Minister Todd McClay and his UAE counterpart the Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi.
Luxon says that securing trade deals for kiwi exporters has been a top priority for the National-led government as it aims to double the value of the country’s exports over the course of a decade.
“The CEPA will unlock economic opportunities for Kiwi businesses, secure preferential access for our primary sector exporters, and strengthen supply chains with a key partner in the Gulf region,” he says.
Two-way trade between New Zealand and the UAE is currently valued at NZ$1.3 billion annually.
Meanwhile, Trade Minister Todd McClay says the deal means duties on 98.5% of New Zealand exports to the UAE will be eliminated immediately on entry into force.
That will then rise to 99% within three years, something McClay says will contribute to the government’s target of doubling exports by value in ten years.
“We’re committed to working closely with the UAE to bring the CEPA into force as soon as possible, ensuring it quickly brings benefits to both sides,” he says.
New Zealand’s top exports to the UAE are dairy ($707 million), industrial products ($242 million), meat ($50 million), horticulture ($47 million), and tourism ($33 million).
