The New Zealand government is accelerating efforts to ratify the New Zealand–United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) in 2024 to provide Kiwi exporters with more options and greater trade certainty, Trade and Investment Minister Todd McClay announced.
"The NZ-UAE CEPA implementation bill passed its first reading in Parliament today," said Minister McClay. "New Zealand exporters are facing international headwinds, including increased tariffs into the U.S."
McClay recently met with the UAE's Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, in Abu Dhabi. The two officials agreed to implement the trade agreement with urgency to ensure businesses in both countries can benefit from tariff elimination and clearer trade rules.
"I'm grateful to the majority of parties in Parliament for their support of Kiwi exporters and this agreement. I will continue working across party lines to give New Zealand businesses the certainty they need," McClay said.
The agreement will eliminate tariffs on 98.5% of New Zealand exports to the UAE immediately upon entry into force, with this figure rising to 99% within three years. The deal also includes improved access for service providers and reductions in non-tariff barriers.
The implementation bill will now move to the Foreign Affairs, Defence, and Trade Committee for further consideration. Both New Zealand and the UAE are aiming to bring the agreement into force as soon as possible.
For more information:
Hon Todd McClay
New Zealand Government
Email: T.McClay@ministers.govt.nz
www.beehive.govt.nz