New Zealand and UAE reach trade pact Reuters

(Reuters) – New Zealand on Thursday struck a trade deal with the United Arab Emirates that 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 eliminate 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 goal of doubling exports by value in 10 years,” McClay said.

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

The deal was completed in more than four months after talks began in May, making New Zealand the fastest ever to negotiate a trade deal, McClay said.

Australia and the United Arab Emirates struck a similar trade deal earlier this month.

($1 = NZ$1.5980)