Page 223 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

9/29/24, 5:45 PM UAE-New Zealand CEPA; Trade negotiations conclude - Emirati Times
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McClay stated that, “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 program 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 AED 1.395 trillion ($380 billion), 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, creating opportunities for
collaboration across a number of priority sectors. The UAE’s investments in

New Zealand totaled more than $170.2 million in 2021, while FDI from New
Zealand to the UAE rose to $74.2 million, with the UAE’s economic stability,

low taxes and robust legal framework making it an attractive destination for
New Zealand’s investment community.

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