New Zealand exporters will welcome the news of a new free trade agreement between New Zealand and the United Arab Emirates, says ExportNZ.
New Zealand has signed a free-trade deal with the United Arab Emirates – the fastest agreement the country has ever struck.
According to RNZ The deal lifts duties on 98.5 percent of New Zealand’s exports immediately on entry into force, rising to 99 percent within three years.
Aotearoa exports amount to more than $1 billion across the dairy, red meat, industrial products, horticulture and tourism sectors.
Trade Minister Todd McClay announced the deal with his UAE counterpart Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi in Wellington on Thursday last week.
He said the UAE was one of New Zealand’s most important trading partners in the Gulf region and today’s deal would boost Kiwi exports and strengthen supply chains.
“This will create new opportunities for New Zealand businesses in the dynamic UAE market, contributing to our ambitious target of doubling exports by value in ten years.”
The UAE is also a hub for New Zealand Inc operations into the region and a key component of New Zealand’s air connectivity to the Middle East and beyond.
“The deal between the UAE and NZ looks to be a comprehensive agreement between our two countries, and the immediate tariff reductions will be warmly welcomed by NZ businesses exporting goods and services into the Gulf State,” ExportNZ Executive Director, Josh Tan says.
“Once enforced, the FTA will eliminate 98 per cent of tariffs on NZ goods entering the UAE, streamline customs entry for goods, and will help to reduce other barriers to trade.”
NZ’s current main exports to the UAE include dairy, meat, industrial products, horticultural products and tourism.
“The deal will also open up new opportunities in both in the UAE and further into the Middle East, as the UAE acts as an important hub in the region for travel, imports and exports, and business,” Josh Tan said.
“We congratulate the negotiators on both sides for taking this agreement from launch to signature in four months – a record time.”
