New Zealand and UAE Sign Trade Deal to Enhance Economic Ties
Deal eliminates tariffs on 98.5% of exports, promoting growth for New Zealand businesses in the UAE market
New Zealand and UAE Forge Rapid Trade Agreement to Enhance Bilateral Relations
New Zealand on Thursday reached a trade deal with the United Arab Emirates, which it said would open up economic opportunities for exporters and boost supply chains with one of its most important trading partners in the Middle East.
The trade deal will eliminate tariffs on 98.5% of New Zealand’s exports, a rate expected to rise to 99% in three years, Trade Minister Todd McClay said in a statement.
“This will create new opportunities for New Zealand businesses in the dynamic UAE market and contribute to our ambitious target of doubling exports by value in 10 years,” McLay stated.
In the year ending in June 2024, two-way trade between the nations was valued at NZ$1.3 billion ($813.5 million).
The deal was concluded more than four months after talks began in May, making it New Zealand’s fastest-ever trade agreement negotiations, McClay said.
Australia and the United Arab Emirates concluded a similar trade deal earlier this month.
($1 = 1.5980 New Zealand dollars)
