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Thursday, 26 September 2024, 12:35 pm
Press Release: NZIBF
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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