The UAE and New Zealand have signed a Comprehensive Economic Partnership Agreement (CEPA) to enhance trade and investment between the two nations.
In the first nine months of 2024, bilateral non-oil trade reached $642 million, an 8% increase from the same period in 2023.
Under the CEPA, New Zealand will provide 100% duty-free access to imports from the UAE. The UAE will immediately grant duty-free access to 98.5% of New Zealand products, rising to 99% within three years.
The agreement aims to boost bilateral trade to $5 billion by 2032, tripling the five-year average trade of $1.5 billion between 2019 and 2023. This CEPA is New Zealand’s first trade agreement with a Middle Eastern nation and is among the UAE’s most expansive, covering areas such as indigenous trade, sustainable development, women’s economic empowerment, and transparency.
Alongside the CEPA, a Bilateral Investment Treaty on the Promotion and Protection of Investments was concluded to strengthen investment ties across various industries.
The UAE’s CEPA program is a key component of its growth strategy, targeting $1 trillion in total trade value by 2031 and aiming to double the economy’s size to over $800 billion by the same year. Since its launch in September 2021, the program has concluded agreements with countries in the Middle East, Africa, Southeast Asia, South America, and Eastern Europe, enhancing trade relations and market access to nearly a quarter of the world’s population.
