New Zealand and UAE Trade Deal

(Reuters) – New Zealand on Thursday reached a trade deal with the United Arab Emirates, aimed at unlocking economic opportunities for exporters and enhancing supply chains with a key trading partner in the Middle East.

The trade deal will eliminate duties on 98.5% of New Zealand’s exports, with expectations to rise to 99% within three years, according to Trade Minister Todd McClay.

McClay noted, “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.”

Two-way trade between New Zealand and the UAE was valued at NZ$1.3 billion ($813.5 million) in the year leading up to June 2024.

The agreement was finalized in just over four months, marking New Zealand’s fastest trade agreement negotiation to date, McClay added.

Earlier this month, Australia and the UAE also concluded a similar trade deal.

($1 = 1.5980 New Zealand dollars)