The NZ-UAE Comprehensive Economic Partnership Agreement (CEPA) legislation has passed into law.
This is the highest-quality and fastest agreement negotiated by New Zealand that will immediately remove tariffs on 98.5 percent of New Zealand’s exports upon entry into force, rising to 99 percent in three years.
It has cleared the way for Kiwi exporters to tap into a NZD 500 billion market that imports 90 percent of its food.
“The NZ-UAE CEPA delivers real benefits for New Zealand exporters, lowering costs, increasing access, and securing a stronger presence in the Middle East,” said Agriculture, Trade and Investment Minister Todd McClay.
“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.”
Two-way trade between New Zealand and the UAE was worth NZD 1.35 billion last year, and CEPA is expected to accelerate growth by reducing red tape, boosting services trade, and supporting investment links.
McClay added that trade agreements have been about opening doors and levelling the playing field for New Zealand exporters
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 upon completion of the ratification procedures by both parties.
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