Immediate elimination of duties on 98.5% of exports, with this figure set to rise to 99% within three years. What could this mean for your business?

Last week New Zealand and the United Arab Emirates (UAE) successfully concluded negotiations on a historic Comprehensive Economic Partnership Agreement (CEPA). Finalised in just over four months, the agreement marks New Zealand’s fastest-ever trade negotiation!

The agreement promises immediate elimination of duties on 98.5% of New Zealand’s exports upon entry into force, with this figure set to rise to 99% within three years.

This will significantly benefit key sectors such as:

Dairy
Red meat
Industrial products
Horticulture
Professional services
Education
AV and gaming
Engineering
Environmental services

The CEPA also includes chapters on intellectual property, sustainable development, labour, sustainable agriculture, climate, and on indigenous trade. We have also secured New Zealand’s Treaty of Waitangi exception to allow us to meet treaty obligations.

With two-way trade between New Zealand and the UAE valued at NZ$1.3 billion in the year to June 2024, the UAE stands as a vital trade partner in the Gulf region and one of New Zealand’s largest markets in the Middle East.

The agreement contributes to New Zealand's ambitious target of doubling export value over the next decade, and is further bolstered by a Bilateral Investment Treaty and an Investment Facilitation chapter, designed to strengthen two-way investment between the countries.

H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, affirmed the significance of the CEPA in enhancing bilateral relations, creating opportunities for the private sector, and securing long-term prosperity for both nations.

This CEPA is a crucial step forward for New Zealand businesses seeking to capitalise on opportunities in the UAE and beyond.

Get in touch to explore how this Partnership Agreement could provide an opportunity for your business.