Page 251 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

The UAE's CEPA programme is central to its economic growth strategy. In the first half of
2024, the UAE's non-oil trade reached AED1.395 trillion, marking an 11.2% increase
compared to the same period in 2023. This represents the sixth consecutive half-year of
foreign trade growth.

Dr. Al Zeyoudi highlighted New Zealand as a long-standing partner with a similar economy

focused on trade and global connectivity. He stated, "New Zealand is a long-standing
partner of the UAE with an economy that, like ours, is underpinned by trade and global
connectivity."

The CEPA is anticipated to increase bilateral trade flows significantly. In H1 2024, non-oil
trade between the UAE and New Zealand reached US$460.3 million, up 11.5% from H1
2023. The agreement also aims to boost investments across various priority sectors.

McClay expressed optimism about the partnership: "This CEPA will enable New Zealand

exporters to participate in the UAE’s growing and vibrant economy." He noted that New
Zealand's agricultural goods, manufacturing sector, and innovative services have much to
offer.

Strengthening Bilateral Relations

The UAE is currently New Zealand's largest trading partner in the Middle East, accounting
for half of its trade with the MENA region and ranking tenth globally. The CEPA is expected
to further solidify these economic ties.

The agreement will likely create new platforms for private sector collaboration between
both nations. With its well-developed agriculture and food-production sectors, New

Zealand presents outstanding potential across several industry verticals.

Investment Dynamics

In 2021, UAE investments in New Zealand exceeded US$170.2 million. Meanwhile, foreign
direct investment from New Zealand into the UAE reached $74.2 million. The UAE's stable
economy, low taxes, and strong legal framework make it an attractive destination for
investors from New Zealand.

This comprehensive partnership not only aims at enhancing bilateral trade but also seeks
greater engagement between the UAE and Asia-Pacific regions with high growth potential.

https://www.onearabia.me/business/uae-new-zealand-comprehensive-economic-
partnership-agreement-011-69713.html