The UAE and New Zealand have signed a landmark Comprehensive Economic Partnership Agreement (CEPA), aiming to triple bilateral trade to $5 billion by 2032.
Strengthening Trade and Investment
The agreement, witnessed by UAE President Sheikh Mohamed bin Zayed Al Nahyan and New Zealand Prime Minister Christopher Luxon, was signed at the Abu Dhabi National Exhibition Centre (ADNEC) by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand Minister for Trade.
Key highlights of the CEPA include:
- Duty-free access for 100% of UAE exports to New Zealand.
- Duty-free access for 98.5% of New Zealand exports, rising to 99% within three years.
- Enhanced customs procedures and reduced trade barriers.
- Focus on sustainable development, Indigenous trade, women’s economic empowerment, and transparency.
A Milestone in UAE-New Zealand Relations
Bilateral non-oil trade between the two nations reached $642 million in the first nine months of 2024, reflecting an 8% increase compared to the same period in 2023.
Sheikh Mohamed bin Zayed described the CEPA as a significant addition to the UAE’s growing economic ties with the Asia-Pacific region.
“The CEPA unites the UAE and New Zealand in a shared ambition to build resilient, knowledge-driven economies.”
UAE’s Expansive CEPA Programme
The UAE’s CEPA programme, launched in 2021, is a cornerstone of its $1 trillion trade target by 2031. It has already concluded agreements with nations across the Middle East, Africa, Southeast Asia, South America, and Europe, strengthening access to markets representing nearly a quarter of the global population.
This CEPA marks New Zealand’s first trade agreement with a Middle Eastern nation, further solidifying its economic ties with the UAE, a key global trade hub.