TL;DR:
- Trade discussions between New Zealand and the United Arab Emirates are progressing, with a focus on establishing a Comprehensive Economic Partnership Agreement.
- The UAE stands as New Zealand’s most significant export market in the Middle East, with a 17% increase in exports, reaching $1.2 billion last year.
- The potential agreement aims to deepen bilateral ties and expand New Zealand’s trade footprint in the UAE, leveraging the UAE’s diversified economy and strategic position.
During a recent WTO Ministerial Conference in Abu Dhabi, New Zealand’s Trade Minister, Todd McClay, and UAE Trade Minister, Dr Thani bin Ahmed Al Zeyoudi, made headway towards a Comprehensive Economic Partnership Agreement (CEPA), akin to a Free Trade Agreement. This move follows initial discussions that began last September, with subsequent virtual meetings laying the groundwork for this significant trade partnership.
The UAE, a key market for New Zealand in the Middle East, has seen a notable increase in imports from New Zealand, signalling the strong trade relations between the two nations. An agreement with the UAE could significantly enhance New Zealand’s bilateral cooperation and trading relationship, capitalising on the UAE’s rich, diversified economy and its role as a pivotal hub for New Zealand’s connectivity to the broader region.
