Annual trade between the UAE and New Zealand is projected to grow threefold following the implementation of their comprehensive economic partnership agreement (Cepa).
According to UAE state news agency Wam, trade volumes are expected to exceed $5 billion by 2032, up from the average of $1.5 billion recorded between 2019 and 2023.
Signed in January this year, the agreement seeks to strengthen economic ties across multiple industries. It also marks New Zealand’s first trade deal with a country in the Middle East.
“The Cepa strengthens trade relations and creates new opportunities for investment and private sector partnerships in areas such as food, education, renewable energy, and advanced technology,” said Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade.
As part of the deal, New Zealand will offer full duty-free access to goods imported from the UAE, while the UAE will extend duty-free access to 98.5 per cent of New Zealand’s exports.
The pact will cut or remove tariffs, streamline customs processes, and encourage deeper cooperation between private businesses.
The UAE’s broader Cepa strategy aims to achieve $1 trillion in total trade by 2031 while doubling the national economy to more than $800 billion by that time.
Since its introduction in September 2021, the Cepa framework has led to agreements with 28 countries.
