Page 219 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

9/29/24, 5:45 PM UAE, New Zealand finalise Cepa talks to boost economic ties – The Gulf Time Newspaper
UAE, New Zealand finalise Cepa talks to boost economic

ties

WELLINGTON / WAM

The United Arab Emirates and New Zealand have successfully concluded negotiations towards a Comprehensive Economic
Partnership Agreement (CEPA) that will, once signed and implemented, enhance trade and investment flows between the two
nations.
The latest deal in the UAE’s ongoing CEPA programme was confirmed by the signing of a joint statement by Dr Thani Al
Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand’s Minister of Trade. Once implemented, the
UAE-New Zealand CEPA will reduce or remove tariffs, eliminate unnecessary trade barriers, improve market access, and
create new platforms for investment and private sector collaboration with one of the world’s most globalised economies.
Upon the conclusion of negotiations, Al Zeyoudi stated, “New Zealand is a long-standing partner of the UAE with an economy
that, like ours, is underpinned by trade and global connectivity. Our CEPA will serve as a catalyst not only for bilateral trade
but for greater exchange between the UAE and the high-growth Asia-Pacific region, underscoring the scope and ambition of
our foreign-trade agenda.”

He added, “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.”
McClay stated, “This CEPA will enable New Zealand exporters to participate in the UAE’s growing and vibrant economy. Our
high-quality and safe agricultural goods, our strong manufacturing sector and our innovative services sector have a lot to offer
to the UAE. We look forward to increased trade and people-to-people links between our countries.”
The UAE’s CEPA programme and expanding foreign trade remain the cornerstone of the UAE’s economic growth strategy. In
H1 2024, the UAE’s non-oil trade in goods reached a record AED1.395 trillion, an 11.2 percent increase in foreign trade
compared to H1 in 2023 and the sixth consecutive half of foreign trade growth. It will further strengthen economic ties that
have witnessed consistent growth in recent years, with bilateral non-oil trade totaling $460.3 million in the first half of 2024 —
11.5 percent more than the same period in 2023.
Today, the UAE is New Zealand’s largest trading partner in the Middle East, accounting for 50 percent of its trade with the
Mena region, and the tenth largest globally.
In addition to increased bilateral trade flows, the CEPA is also projected to increase investment between the two countries,

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