New Zealand and United Arab Emirates Establish Trade Pact, According to Reuters

New Zealand has finalized a trade agreement with the United Arab Emirates, aimed at opening up economic opportunities for exporters and enhancing supply chains with a key trading partner in the Middle East.

The new deal will eliminate tariffs on 98.5% of New Zealand’s exports, with expectations that this will increase to 99% within three years, according to Trade Minister Todd McClay. He emphasized that the agreement will pave the way for new opportunities for New Zealand businesses in the vibrant UAE market, contributing to the goal of doubling export values within a decade.

In the year leading up to June 2024, the value of two-way trade between New Zealand and the UAE was estimated at NZ$1.3 billion (approximately $813.5 million). The pact was reached in just over four months after negotiations commenced in May, marking New Zealand’s fastest trade agreement negotiation to date.

Earlier this month, Australia also completed a similar trade agreement with the UAE.