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start of talks on a Comprehensive Economic Partnership Agreement (CEPA),
according to a statement from his office on Tuesday.
A joint declaration of intent confirming the agreement was signed after the
talks.
CEPA potential
The proposed CEPA reflects growing bilateral relations, with non-oil trade
between the UAE and New Zealand reaching US$764.5m in 2023, an
increase of more than 15 percent over the pre-Covid year of 2019.
The agreement will seek to boost those numbers through the removal or
reduction of tariffs and trade barriers, the improvement of market access, and
the establishment of investment pathways that will open up new opportunities
in key sectors such as agriculture, renewable energy, logistics, education,
professional services and healthcare.
Dr Al Zeyoudi said, “New Zealand has become a valued trade partner for the
UAE, one that shares our conviction that open, rules-based trade is an
essential driver of sustainable economic growth.
“A Comprehensive Economic Partnership Agreement will open up a range of
exciting opportunities for both nations, with the UAE offering direct access to
new markets for New Zealand’s exports, particularly in food and agricultural
products, while our services exporters and investors will be able to explore a
range of high-value sectors. We are both eager to get started.”
UAE-New Zealand trade
The UAE is New Zealand’s largest trade partner in the Middle East and
exports hit NZ$1.02bn ($613m) in the year to September 2023, up 17 per
cent from the year before, according to New Zealand foreign ministry data.
McClay said, “Today’s launch of negotiations is an exciting step towards
cementing a significant trade and economic relationship. This follows the
conclusion of successful exploratory discussions, as well as public
consultation, which demonstrated the importance of pursuing a high-quality
agreement to boost our economy and unlock greater export opportunities.”
https://gulfbusiness.com/uae-new-zealand-launch-talks-for-free-trade-deal/
