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9/29/24, 5:44 PM UAE and New Zealand conclude Cepa talks to boost economic ties | The National
UAE and New Zealand conclude Cepa talks to boost economic ties
Deal will remove duties on 98.5% of Wellington's exports immediately upon coming into effect
Fareed Rahman
September 26, 2024
The UAE and New Zealand have concluded negotiations on a comprehensive economic
partnership agreement, which is expected to boost trade and strengthen economic ties
between the two countries.
The trade deal, which was finalised a little more than four months after talks began in
May, will remove duties on 98.5 per cent of New Zealand’s exports immediately after
coming into effect, with that proportion rising to 99 per cent within three years, New
Zealand’s Foreign Affairs and Trade Ministry said on Thursday.
It is not known when the deal will come into effect.
“Our Cepa with New Zealand will serve as a catalyst not only for bilateral trade but for
greater exchange between the UAE and the high-growth Asia-Pacific region, underlining
the scope and ambition of our foreign-trade agenda,” said Dr Thani Al Zeyoudi, Minister
of State for Foreign Trade.
“The UAE is committed to expanding opportunity for our private sector by enhancing
market access to key economies, and with its well-developed agriculture and food
production sectors, New Zealand is a nation that holds outstanding potential across a
number of industry verticals.”
Non-oil trade between the two countries in the first half of this year reached $460.3
million, up 11.5 per cent on a yearly basis.
The UAE is New Zealand’s largest trading partner in the Middle East, accounting for 50
per cent of its trade with the Mena region, and its 10th largest globally.
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