UAE Deal Passes, Unlocking $500 Billion Market
The NZ-UAE Comprehensive Economic Partnership Agreement (CEPA) legislation has passed into law today, clearing the way for Kiwi exporters to tap into a $500 billion market that imports 90 per cent of its food, Agriculture, Trade and Investment Minister Todd McClay announced.
'The NZ-UAE CEPA delivers real benefits for New Zealand exporters, lowering costs, increasing access, and securing a stronger presence in the Middle East,' Mr McClay says.
This is the highest-quality, and fastest, agreement negotiated by New Zealand that will immediately remove tariffs on 98.5 per cent of New Zealand's exports upon entry to force, rising to 99 per cent in three years.
'This high-quality trade agreement builds on New Zealand's strengths. UAE consumers are actively seeking safe, fresh products from around the world and are willing to pay more for them. This agreement gives New Zealand exporters an opportunity to lead in this competitive market,' Mr McClay says.
Two-way trade between New Zealand and the UAE was worth $1.35 billion last year, and the CEPA will accelerate growth by reducing red tape, boosting services trade, and supporting investment links.
'Trade agreements are about opening doors and levelling the playing field for New Zealand exporters,' Mr McClay says.
'The CEPA is another step toward achieving the Government's goal of doubling the value of exports in 10 years. Growing our trade relationships helps boost the economy, lift incomes, and provide the public services Kiwis deserve.'
The CEPA will enter into force following ratification procedures by both parties.
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