The UAE and New Zealand have finalised negotiations for a Comprehensive Economic Partnership Agreement (CEPA) to enhance trade and investment between the two countries. The agreement, confirmed by a joint statement from UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi and New Zealand Minister of Trade Todd McClay, will reduce tariffs, eliminate trade barriers, and improve market access once signed and implemented.
“New Zealand is a long-standing partner of the UAE with an economy that, like ours, is underpinned by trade and global connectivity,” said Dr Al Zeyoudi. “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 agreement is part of the UAE’s broader CEPA programme, which is key to its economic growth strategy. In H1 2024, the UAE’s non-oil trade reached Dh1.39 trillion, a 11.2% increase compared to H1 2023. Bilateral non-oil trade with New Zealand totalled $460.3 million in H1 2024, up 11.5% from the previous year.
“This CEPA will enable New Zealand exporters to participate in the UAE’s growing and vibrant economy,” said McClay. “Our high-quality and safe agricultural goods, our strong manufacturing sector and our innovative services sector have a lot to offer to the UAE.”
The CEPA is expected to boost investment flows, with the UAE’s investments in New Zealand reaching $170.2 million in 2021 and New Zealand’s FDI in the UAE rising to $74.2 million. The agreement will create new opportunities for collaboration across priority sectors.
