UAE, 27 September, 2024 : The United Arab Emirates (UAE) and New Zealand have concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA), aimed at boosting trade and investment. The agreement, once signed and implemented, will reduce tariffs, eliminate trade barriers, and enhance market access between the two nations.
Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand’s Minister of Trade, signed a joint statement confirming the deal. Al Zeyoudi emphasized the partnership’s potential for driving bilateral trade and expanding ties with the Asia-Pacific region. McClay highlighted the opportunities for New Zealand’s agricultural and manufacturing sectors in the UAE's growing economy.
In the first half of 2024, UAE's non-oil trade reached a record AED 1.395 trillion, an 11.2% increase compared to H1 2023. Bilateral non-oil trade between the UAE and New Zealand totaled US$460.3 million in H1 2024, marking an 11.5% rise from the previous year.
The CEPA is expected to further strengthen economic relations, with investments between the two countries already on the rise. The UAE's investments in New Zealand exceeded US$170.2 million in 2021, while New Zealand's foreign direct investment in the UAE reached US$74.2 million.
Source : www.wam.ae
