- Rt Hon Christopher Luxon
- Hon Todd McClay
New Zealand's first-class free trade deal and investment treaty with the United Arab Emirates (UAE) have been signed.
In Abu Dhabi, together with UAE President His Highness Sheikh Mohammed bin Zayed, New Zealand Prime Minister, Christopher Luxon, witnessed the signing of the Comprehensive Economic Partnership Agreement (CEPA) and accompanying investment treaty by Trade Minister Todd McClay and his UAE counterpart the Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi.
"Securing trade deals for our exporters has been a top priority for my government as we aim to double the value of our exports in ten years," Mr Luxon says.
"The CEPA will unlock economic opportunities for Kiwi businesses, secure preferential access for our primary sector exporters, and strengthen supply chains with a key partner in the Gulf region."
Two-way trade between New Zealand and the UAE is valued at NZ$1.3 billion annually, but that is set to grow when CEPA comes into force.
"Duties on 98.5 per cent of our exports to the UAE will be eliminated immediately on entry into force, rising to 99 per cent within three years and contributing to our ambitious target of doubling exports by value in ten years," Mr McClay says.
"We're committed to working closely with the UAE to bring the CEPA into force as soon as possible, ensuring it quickly brings benefits to both sides."
Mr Luxon says that the CEPA negotiations, which were concluded in just over four months, makes this New Zealand's fastest-ever free trade agreement negotiation.
"This is our first trade agreement in the Gulf region and is testament to Todd McClay's hard work here and around the world.
"This is a significant step towards growing our trade and economic relationship," says Mr Luxon.
New Zealand's top exports to the UAE are dairy ($707 million), industrial products ($242 million), meat ($50 million), horticulture ($47 million), and tourism ($33 million).
