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9/29/24, 5:49 PM UAE and New Zealand Finalize Terms of Trade Agreement - Magazine
environmental credentials. The agreement also includes provisions on indigenous trade and
intellectual property, demonstrating a commitment to inclusive economic growth. Additionally, the
trade and sustainable development chapter acknowledges the significance of the International Labor

Organization’s Constitution and Declaration on Fundamental Principles and Rights at Work, ensuring
that economic progress is balanced with social responsibility.

Economic Impact and Trade Opportunities

The UAE-NZ Comprehensive Economic Partnership Agreement (CEPA) is set to have a significant
impact on the economic landscapes of both nations, opening up new avenues for trade and

investment. This agreement aligns with the UAE’s future-focused diplomacy and its commitment to
enhancing regional prosperity through strategic economic partnerships.

Boost to Bilateral Trade

The CEPA is expected to have a substantial influence on bilateral trade between the UAE and New
Zealand. Upon entry into force, the agreement will eliminate duties on 98.5% of New Zealand’s

exports to the UAE, with this figure rising to 99% within three years. This move is poised to create
new opportunities for New Zealand businesses in the dynamic UAE market, contributing to the
ambitious target of doubling exports by value in ten years.

In the year to June 2024, two-way trade between the UAE and New Zealand was valued at AED 4.77

billion. The UAE has established itself as one of New Zealand’s largest markets in the Middle East
and a top 20 export market overall. Key export sectors from New Zealand to the UAE include dairy
(AED 2636.59 million), industrial products (AED 870.29 million), red meat (AED 168.92 million),

horticulture (AED 161.57 million), and tourism (AED 113.84 million).

Sector-Specific Benefits

The CEPA is set to bring about benefits across various sectors, fostering economic deals and
technological cooperation. For the agricultural sector, the agreement offers new opportunities in a
world increasingly marked by protectionism. The UAE will remove all tariffs on frozen beef and

sheepmeat from New Zealand immediately, while chilled products are already tariff-free.

Professional services, education services, and the audio-visual and gaming sectors, as well as

engineering and environmental services, are all expected to benefit from this agreement. The CEPA’s
strong commitments on services, government procurement, and investment are likely to create a

framework for broadening and strengthening the investment relationship between the UAE and
New Zealand.

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