September 26, 2024 (Reuters) – New Zealand has announced a new trade agreement with the United Arab Emirates, aimed at enhancing economic prospects for exporters and strengthening supply chains with one of its primary trading partners in the Middle East.
The agreement will eliminate tariffs on 98.5% of New Zealand’s exports to the UAE, with expectations that this percentage will rise to 99% within three years. Trade Minister Todd McClay stated that this deal will open up significant opportunities for New Zealand businesses in the vibrant UAE market, aligning with the country’s ambitious goal of doubling export values within the next decade.
As of June 2024, two-way trade between New Zealand and the UAE was valued at NZ$1.3 billion (around $813.5 million). McClay noted that the deal was finalized in just over four months following the start of negotiations in May, marking it as New Zealand’s quickest trade agreement negotiation to date.
Earlier this month, Australia also reached a similar trade agreement with the UAE, reflecting the strengthening economic ties between these nations.
(Exchange Rate: $1 = 1.5980 New Zealand dollars)
