New Zealand, United Arab Emirates reach trade pact

New Zealand on Thursday reached a trade deal with the United Arab Emirates, which it said would unlock economic opportunities for exporters and boost supply chains with one of its most important trading partners in the Middle East.

The trade deal will remove duties on 98.5 percent of New Zealand’s exports with that proportion expected to rise to 99 percent within three years, Trade Minister Todd McClay said in a 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 said.

Two-way trade between the countries was valued at NZ$1.3 billion ($813.5 million) in the year to June 2024.

The agreement was concluded in over four months following the beginning of talks in May, making this New Zealand’s fastest-ever trade agreement negotiation, McClay said.

Australia and the UAE concluded a similar trade deal earlier this month.