New Zealand, UAE sign Free Trade Agreement

by IANS |

Wellington, Jan 15 (IANS) New Zealand has signed a Free Trade Agreement (FTA) with the United Arab Emirates (UAE), one of New Zealand's largest markets in the Middle East, which is the country's first trade agreement in the Gulf region.


The trade pact and the accompanying investment treaty, known as the Comprehensive Economic Partnership Agreement (CEPA), was signed on Tuesday in Abu Dhabi, the UAE's capital, Xinhua news agency reported.


New Zealand's key exports to the UAE include dairy, industrial products, meat, horticultural products and travel services, according to the latest website update of the New Zealand Ministry of Foreign Affairs and Trade on Wednesday.


"The UAE's dynamic and high-value market offers significant opportunities for export growth and diversification for New Zealand companies," it said.


Two-way trade between New Zealand and the UAE is valued at 1.3 billion NZ dollars ($730 million) annually, which is set to grow when the CEPA comes into force later this year, said New Zealand Prime Minister Christopher Luxon.


The New Zealand government aims to double the value of its exports in 10 years, Luxon said, adding the CEPA secures preferential access for Kiwi primary sector exporters, and strengthens supply chains with a key partner in the Gulf region.


New Zealand Trade Minister Todd McClay said duties on 98.5 per cent of Kiwi exports to the UAE would be eliminated immediately upon the agreement's entry into force, and the figure will rise to 99 per cent within three years.


New Zealand and the UAE concluded trade negotiations last September in just over four months, the fastest-ever free trade agreement negotiation reached between New Zealand and its trade partners.

Latest News
AAP candidates' poaching: ACB sleuths not allowed to enter Kejriwal's house Fri, Feb 07, 2025, 05:01 PM
Insult to humanity: DK Shivakumar condemns 'shackling' of Indian deportees by US Fri, Feb 07, 2025, 04:49 PM
Plane with 10 onboard missing in Alaska Fri, Feb 07, 2025, 04:47 PM
Railway to start running electric trains in southern Assam and Tripura soon Fri, Feb 07, 2025, 04:44 PM
Pakistan: Security forces harass farmers, forcibly collect electricity bills in Punjab province Fri, Feb 07, 2025, 04:43 PM
Sensex, Nifty end lower as investors assess RBI MPC decision Fri, Feb 07, 2025, 04:40 PM
Four killed, several injured in firecracker factory blast at Bengal's Kalyani Fri, Feb 07, 2025, 04:19 PM
Gujarat govt withdraws sedition cases against Patidar leaders Fri, Feb 07, 2025, 04:07 PM
AAP will secure victory in over 50 seats, says Gopal Rai Fri, Feb 07, 2025, 03:26 PM
Warmth, hospitality by Prez Droupadi Murmu made my Rashtrapati Bhavan visit special: Sachin Tendulkar Fri, Feb 07, 2025, 03:23 PM
59 cases of HMPV reported from 11 states in January: Prataprao Jadhav Fri, Feb 07, 2025, 03:18 PM
RBI defers rollout of LCR norms by a year in big relief to banks Fri, Feb 07, 2025, 03:14 PM
UN announces 15 innovation hubs to fuel digital transformation in Kenya Fri, Feb 07, 2025, 03:08 PM
Zambia assures stable HIV drug supply despite US funding halt Fri, Feb 07, 2025, 03:07 PM
NDA MPs from Bihar thank PM Modi for budget bonanza, gift him Madhubani paintings Fri, Feb 07, 2025, 03:06 PM