Page 247 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)
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9/29/24, 5:47 PM UAE and New Zealand finalize CEPA negotiations
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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