UAE + New Zealand finalize investment treaty: The UAE and New Zealand have reached a trade and economic agreement and finalized a bilateral investment treaty to boost export flows and investments between the two countries, according to a statement. The agreement will see the UAE remove tariffs on 98.5% of imports from New Zealand, with that figure expected to rise to 99% within three years, as well as making “commitments” that provide “greater certainty” for New Zealand exporters, the statement said.

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By the numbers: Trade between the two countries came in at NZD 1.3 bn (USD 813.5 mn) in the year to June 2024, with the UAE mostly importing dairy and industrial products, and getting exports in the form of horticulture tourism. New Zealand imported NZD 152 mn of products and services from the UAE in the same period, including plastics, carpets, travel services and glass.

Sectors expected to benefit: Professional services, education services, audio-visual and gaming sectors, engineering and environmental services will all benefit from the agreement, the statement said. The agreement also includes chapters on intellectual property, sustainable development, labor, sustainable agriculture, climate, and indigenous trade.

This was fast: The two countries launched talks for the trade agreement in May.

And is the second trade agreement reached this month: The UAE also finalized a trade agreement with Australia earlier this month.

IN OTHER DIPLO NEWS-

UAE signs customs cooperation agreement with US: The UAE and US inked a customs cooperation agreement on the sidelines of UAE President Sheikh Mohamed bin Zayed Al Nahyan’s visit to Washington, Wam reports. The agreement — signed by Federal Authority for Identity, Citizenship, Customs and Port Security chairman Ali Mohammed Al Shamsi and US Customs and Border Protection Commissioner Troy Miller — aims to boost economic and trade ties, combat customs violations, and foster the exchange of expertise between the two nations.

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