The UAE and New Zealand have signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at deepening trade relations and unlocking fresh investment opportunities between the two nations.
The CEPA aims to lower trade barriers, simplify customs procedures, and increase investment. New Zealand will provide 100% duty-free access to UAE exports, while the UAE will extend similar access to 98.5% of New Zealand products, increasing to 99% over three years.
Bilateral non-oil trade between the nations reached $642m in the first nine months of 2024, an 8% rise year-on-year. The CEPA is expected to significantly expand trade, with projections targeting $5bn by 2032.
The agreement was formalised in Abu Dhabi at the National Exhibition Centre (ADNEC) by UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and New Zealand’s Trade Minister Todd McClay.
The CEPA is part of the UAE’s broader initiative to grow its economy, aiming for $1tr in total trade by 2031.
Gulf Economist Staff Writer