It’s been a busy but tough year for trade. Read our end-of-year roundup by Executive Director Stephen Jacobi.
NZ/UAE CEPA: A VALUABLE STEP FORWARD IN GULF – BUSINESS FORUM
Media release, 26 September 2024
In a challenging year for business, the successful conclusion of the NZ/UAE Closer Economic Partnership Agreement (CEPA) is a welcome bright spot and helps build a stronger foundation for this country’s trade in the Middle East, says the New Zealand International Business Forum (NZIBF).
“2024 continues to be challenging for international trade,” said NZIBF Chair Philip Gregan. “New Zealand’s business with the United Arab Emirates and the wider Gulf region is modest and the new agreement is another building block in establishing a stronger base for exporters in the region”, said Mr Gregan.
“We noted in May when negotiations were launched that we were hopeful they could be concluded quickly and efficiently and that has been achieved in record time. We express our thanks to the Minister for Trade, Hon Todd McClay ably supported by officials, and congratulate the UAE Government”.
The CEPA includes significant market opening from day one, moving to 99% tariff elimination across all products within three years.
“Reducing trade barriers with the UAE through CEPA and increasing awareness of commercial opportunities will generate new business both bilaterally and potentially into the wider market of the Gulf Co-operation Council (GCC), which is where the greatest opportunities can be realised,” said Philip Gregan.
“We see potential to grow New Zealand exports to the UAE in the dairy, red meat, seafood, horticulture, high value foods and agritech sectors, and likewise, to create new opportunities for UAE goods, services and investment in our market”.
“NZIBF believed at the outset that the goal of the CEPA should be a high-quality, ambitious and comprehensive agreement with a commitment to eliminate all barriers, including tariffs and non-tariff barriers, in all goods and services sectors within an expeditious deadline along with effective trade rules”.
“New Zealand exporters depend on openness, the rule of trade law and the ability to do business efficiently around the world. This is a very positive outcome for New Zealand exporters” Mr Gregan concluded.
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