Comprehensive Economic Partnership Agreement Between the UAE and New Zealand Comes into Effect
The Comprehensive Economic Partnership Agreement between the United Arab Emirates and New Zealand, signed in January 2025, has officially come into effect. This step marks a significant milestone in enhancing trade and investment relations between the two countries, with everyone eager to see how this agreement will impact the future of economic cooperation between them.
Enhancing Trade Between the UAE and New Zealand
Under this agreement, New Zealand will grant a 100% customs duty exemption on imports from the UAE. In return, the UAE will provide a 98.5% exemption on New Zealand products. This agreement is expected to increase non-oil bilateral trade value to over five billion dollars annually by 2032, compared to an average of 1.5 billion dollars per year from 2019 to 2023.
Facilitating Customs Procedures and Sectoral Cooperation
The agreement will work to eliminate or reduce customs duties, facilitating customs procedures and enhancing cooperation between the private sectors of both countries. This collaboration is an important step towards developing deeper and sustainable economic relations that support investment goals and economic growth.
Statements from Trade Ministers
The Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, commented: “The entry into force of the Comprehensive Economic Partnership Agreement between the UAE and New Zealand represents an important milestone in the journey of relations between the two friendly countries, as it fosters innovation and sustainable growth that serves mutual interests.” He emphasized that this agreement is not limited to enhancing trade relations but also opens new avenues for investment and private sector cooperation in areas such as food production, education, renewable energy, and advanced technologies.
On his part, New Zealand’s Minister of Trade and Investment, Todd McClay, stated: “The agreement marks a turning point in New Zealand’s trade history, providing new opportunities for our producers and investors and reflecting a shared commitment to sustainable growth.”
The Comprehensive Economic Partnership Agreement between the UAE and New Zealand will significantly contribute to strengthening economic relations and opening new areas for cooperation, representing a positive step towards achieving sustainable development in both countries.