According to Amac News: The agreement, which was signed at the Abu Dhabi National Exhibition Center (ADNEC) by Thani bin Ahmed Zaidi, UAE Minister of State for Foreign Trade, and Todd McCully, Minister Trade New Zealand, signed, will reduce trade barriers, improve customs procedures and facilitate cooperation and private sector investment.
Bin Zayed emphasized that this agreement is an important addition to the UAE's CEPA program and will strengthen connections with the dynamic region and the Asia-Pacific through one of the most developed and The most open markets strengthen it.
He also added that the CEPA between the UAE and New Zealand unites the two countries in a common desire to develop an economy based on knowledge, innovation and talents.
Under CEPA, New Zealand provides 100% duty-free access to imports from the UAE, while the UAE imports 98.5% of New Zealand products duty-free. This number will increase to 99% in three years.
The agreement is expected to increase bilateral trade to US$5 billion by 2032, three times the five-year average of US$1.5 billion. UAE and New Zealand in 2019 to 2023.
CEPA is New Zealand's first trade agreement with a Middle Eastern country and is one of the most extensive CEPA agreements of the UAE, which includes areas such as indigenous trade, Sustainable development, women's economic empowerment and transparency.
CEPA, together with the Bilateral Investment Agreement on the Promotion and Protection of Investments, which was concluded at the same time, provides a stronger framework for It provides the strengthening of UAE-New Zealand investment relations in various industries.
The UAE's CEPA program is one of the key pillars of the country's growth strategy, which aims to achieve a total trade value of $1 trillion by 2031 and double the size of the total economy to more than From 800 billion dollars until 2031.
The UAE CEPA program, which started in September 2021, has so far agreements with countries in the Middle East and Africa, Southeast Asia, South America and Europe. Eastern has signed.