New Zealand Secures Groundbreaking Trade Deal with UAE

New Zealand finalized a trade agreement with the UAE, eliminating duties on 98.5% of its exports. The deal, which aims to double export value over 10 years, is New Zealand's fastest-ever trade negotiation. The bilateral trade between the nations was valued at NZ$1.3 billion up to June 2024.

New Zealand on Thursday reached a landmark trade deal with the United Arab Emirates (UAE), promising substantial economic benefits for exporters, and streamlining supply chains with one of its pivotal trading partners in the Middle East.

The trade agreement will see the removal of duties on 98.5% of New Zealand's exports, a figure slated to climb to 99% within three years. Trade Minister Todd McClay emphasized the potential for new business opportunities in the dynamic UAE market, aligning with New Zealand's goal of doubling export value in the next decade. In the year leading to June 2024, bilateral trade between the two nations was valued at NZ$1.3 billion ($813.5 million).

Concluded in just over four months since discussions began in May, this represents New Zealand's quickest trade agreement negotiation. This speedy resolution follows a similar deal between Australia and the UAE earlier this month.

(With inputs from agencies.)