The coalition Government has concluded its first trade deal, signing New Zealand’s fastest trade deal with the United Arab Emirates this morning. 

Trade Minister Todd McClay and his UAE counterpart, Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoud, wrapped up talks this morning. 

The deal, called a Comprehensive Economic Partnership Agreement (CEPA), is the most “trade liberalising” of any CEPA signed by the UAE to date. 

“Our Comprehensive Economic Partnership Agreement [CEPA] with the UAE will eliminate duties on 98.5% of New Zealand’s exports immediately on entry into force, rising to 99% within three years,” McClay said. 

“This will create new opportunities for New Zealand businesses in the dynamic UAE market, contributing to our ambitious target of doubling exports by value in 10 years. 

“The UAE is a key export destination and hub in the Gulf region. In the year to June 2024, two-way trade was valued at NZ$1.3 billion. The UAE is one of our largest markets in the Middle East, and a top 20 export market overall. 

“New Zealand dairy exports to the UAE amounted to $718 million, industrial products $237m, red meat $46m, horticulture $44m, and tourism $31m.” 

More to come...