NZ, UAE to boost exports, supply chains

New Zealand has reached a trade agreement with the United Arab Emirates (UAE) that aims to enhance economic opportunities for exporters and strengthen supply chains with one of its key Middle Eastern partners, Trade Minister Todd McClay announced on Thursday.

The deal will eliminate duties on 98.5 per cent of New Zealand’s exports, with expectations that this figure will increase to 99 per cent within three years, according to McClay’s statement.

“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 10 years,”  McClay stated.

In the year ending June 2024, two-way trade between New Zealand and the UAE was valued at NZ$1.3 billion ($813.5 million). McClay noted that the agreement was finalised in just over four months, following the start of negotiations in May, marking it as the country’s fastest-ever trade deal.

Notably, Australia also concluded a similar trade agreement with the UAE earlier this month.

Attribution: Reuters

Subediting: M. S. Salama