Abu Dhabi [UAE], August 27 (ANI/WAM): The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and New Zealand has officially entered into force, marking a significant advancement in trade and investment relations between the two nations. The landmark agreement, signed in January 2025, creates a robust framework for increased economic cooperation across various sectors.
The CEPA is expected to boost annual bilateral trade to more than US$5 billion by 2032, a substantial increase from the current average of USD 1.5 billion recorded from 2019 to 2023. The agreement will eliminate or reduce tariffs, facilitate smoother customs procedures, and promote greater private sector collaboration. The CEPA represents New Zealand's first trade agreement with a Middle Eastern nation, signifying a crucial step in enhancing economic ties with the region.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, stated, "The ratification of the UAE-New Zealand CEPA marks a historic milestone in our economic partnership, fostering innovation and sustainable growth for mutual benefit. This agreement not only enhances our trade relations but also opens new avenues for investment and private sector collaboration in key sectors such as food production, education, renewable energy, and advanced technologies."
Todd McClay, New Zealand's Minister for Trade and Investment, said, "This agreement marks a transformative moment in New Zealand's trade history. The CEPA with the UAE not only opens doors for our exporters and investors but also reflects our shared commitment to growth. We look forward to deepening our partnership across sectors that matter most to our people--from food and energy to innovation and education."
Under the CEPA, New Zealand will provide 100 per cent duty-free access to imports from the UAE, while the UAE will grant duty-free access to 98.5 per cent of New Zealand products. The expansive agreement reflects the commitment of both nations to bolster their economic relationship and maximise mutual benefits.
The UAE's CEPA programme is integral to the nation's foreign trade strategy, targeting US$1 trillion in total trade value by 2031 and aiming to double the size of the economy to surpass USD 800 billion by the same year. Since its launch in September 2021, the CEPA programme has successfully concluded agreements with 28 countries, enhancing trade relations and access for UAE businesses to markets that reach nearly a quarter of the world's population. (ANI/WAM)