UAE and New Zealand Initiate CEPA Talks to Enhance $765 Million Trade Relations

08 May, 2024

UAE and New Zealand Initiate CEPA Talks to Enhance $765 Million Trade Relations

The UAE and New Zealand have agreed to commence negotiations for a Comprehensive Economic Partnership Agreement (CEPA), signaling a strategic move to enhance trade and investment collaboration between the two nations. The joint declaration of intent solidifying this agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand’s Minister for Trade.

The proposed CEPA underscores the burgeoning bilateral relations, with non-oil trade between the UAE and New Zealand surging to $764.5 million in 2023, reflecting a notable increase of over 15 percent compared to pre-Covid levels in 2019.

The agreement aims to amplify these figures by addressing tariff and trade barriers, facilitating market access, and establishing investment pathways across pivotal sectors such as agriculture, renewable energy, logistics, education, professional services, and healthcare.

Dr. Al Zeyoudi emphasized the UAE's recognition of New Zealand as a valued trade partner, highlighting shared convictions in the significance of open, rules-based trade for sustainable economic development. McClay echoed this sentiment, expressing excitement about the potential for a strengthened trade and economic relationship, which aligns with New Zealand's ambitious goal of doubling export value within a decade.

The UAE's robust foreign trade agenda, evident in the 2023 non-oil trade reaching a historic high of $701 billion, underscores the significance of the CEPA with New Zealand as a pivotal addition to the UAE's trade network, driving towards the target of AED4 trillion ($1.1 trillion) by 2031.