Page 228 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

9/29/24, 5:46 PM UAE, New Zealand CEPA deal to boost exports, investment
The trade agreement will remove tariffs on about 98.5 per cent of New Zealand’s exports
immediately upon implementation, rising to 99 per cent within three years. It builds on the

growing economic relations between the two countries, with bilateral non-oil trade reaching

Dhs3bn (NZD1.3bn) in H1 2024.

“The UAE is one of our largest markets in the Middle East and a top 20 export market overall,”
said New Zealand Trade Minister Todd McClay.

New Zealand dairy exports to the UAE amounted to NZD718m, industrial products NZD237m,

red meat NZD46m, horticulture NZD44m and tourism NZD31m, according trade ministry.

“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,”
said Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade.

The trade pact is expected to increase investment between the two countries and create

opportunities for collaboration across a number of priority sectors.

The UAE’s investments in New Zealand totalled more than $170.2m in 2021, while FDI from
New Zealand to the Emirates rose to $74.2m.

The UAE’s CEPA programme and expanding foreign trade remain the cornerstone of the UAE’s

economic growth strategy. The country’s non-oil trade reached a record Dhs1.4tn in H1 2024 ,
an 11.2 per cent increase in foreign trade compared to the corresponding period a year ago.

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