New Zealand’s Prime Minister emphasized the importance of seeking trade opportunities beyond the country’s borders as it enters into an economic partnership with the United Arab Emirates (UAE). The Comprehensive Economic Partnership Agreement (CEPA) aims to enhance bilateral trade between the two nations, positioning the UAE as one of New Zealand’s major markets in the Middle East.
Prime Minister Christopher Luxon highlighted the significance of deepening the economic relationship between the two countries, emphasizing the common values and interests they share. The agreement is expected to boost New Zealand’s exports to the UAE, including dairy, industrial products, meat, horticultural products, and travel services.
The CEPA, set to take effect later this year, is part of New Zealand’s strategy to double export value within a decade. It will grant duty-free access to 99% of New Zealand goods exporters to the UAE market, benefiting various sectors such as dairy, meat, horticulture, and industrial products.
Luxon, who leads the New Zealand National Party, stressed the importance of international trade for the country’s economic growth. He highlighted the positive impact of exporting goods and services on job creation, wages, and productivity, underscoring the need to tap into global markets like the Middle East.
Amid economic challenges, including a recent recession, Luxon expressed optimism about New Zealand’s economic prospects. He cited improving business and consumer confidence, along with favorable inflation rates and anticipated interest rate adjustments by the central bank.
Regarding the potential impact of U.S. trade policies under the incoming administration, Luxon maintained a wait-and-see approach, expressing readiness to collaborate with the U.S. government to navigate any changes in trade dynamics.
