Source: New Zealand Government
The New Zealand–United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) has officially entered into force today, opening the door to one of the world’s fastest-growing economies, Agriculture, Trade and Investment Minister Todd McClay announced.
“The NZ–UAE CEPA is New Zealand’s fastest-ever trade agreement. Negotiated in just over four months, it delivers up to an estimated $42 million in tariff savings per year for Kiwi exporters and the wider economy,” Mr McClay says.
“From today, 98.5 per cent of New Zealand’s exports to the UAE will enter duty-free, rising to 99 per cent by the start of 2027. This is one of the best goods market access packages we have ever secured.”
Key goods such as dairy ($766m), red meat ($52.5m), apples ($34.9m), kiwifruit ($7.8m), seafood ($15.5m), forestry products ($9.4m), and honey ($5.2m) will all enter duty free from today.
The UAE is one of New Zealand’s largest markets in the Middle East and a gateway into a US$500 billion economy that is growing and diversifying rapidly. With two-way trade already worth $1.44 billion a year the CEPA creates a platform to go much further.
The UAE imports 90 per cent of its food, meaning strong new opportunities for New Zealand’s world-class producers.
“Beyond goods this agreement creates a platform for two-way investment, digital trade, and services opportunities that will generate jobs, lift incomes, and boost the economy for all New Zealanders,” Mr McClay says.
“The CEPA strengthens our relationship with a key Gulf partner and takes us a step closer to the Government’s goal of doubling the value of New Zealand’s exports in 10 years.”
