The United Arab Emirates and New Zealand have concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA), officials from both countries announced on September 26 WAM reported.

The agreement once signed and implemented, aims to enhance trade and investment flows between the two nations by reducing or removing tariffs, eliminating trade barriers, and improving market access.

UAE Minister of State for Foreign Trade, Dr Thani Al Zeyoudi, and New Zealand's Minister of Trade, Todd McClay, signed a joint statement confirming the deal.

Al Zeyoudi stated, "New Zealand is a long-standing partner of the UAE with an economy that, like ours, is underpinned by trade and global connectivity. Our CEPA will serve as a catalyst not only for bilateral trade but for greater exchange between the UAE and the high-growth Asia-Pacific region."

McClay added, "This CEPA will enable New Zealand exporters to participate in the UAE's growing and vibrant economy. Our high-quality and safe agricultural goods, our strong manufacturing sector and our innovative services sector have a lot to offer to the UAE."

The agreement is part of the UAE's ongoing CEPA programme, which has contributed to the country's record non-oil trade in goods of AED1.395 trillion (USD 379.8bn) in the first half of 2024, an 11.2% increase compared to the same period in 2023.

Bilateral non-oil trade between the UAE and New Zealand totalled USD 460.3mn in the first half of 2024, up 11.5% from the same period in 2023. The UAE is currently New Zealand's largest trading partner in the Middle East and tenth largest globally.

The CEPA is also expected to boost investment between the two countries. UAE investments in New Zealand totalled over USD 170.2mn in 2021, while FDI from New Zealand to the UAE rose to USD 74.2mn.