New Zealand and the UAE 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 New Zealand government 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.

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.

More from the President’s US trip-

#1- President Sheikh Mohamed bin Zayed Al Nahyan met with a number of US Senators during his visit to the US, discussing ways to strengthen UAE-US relations across key areas like trade, investment, and climate action, state news agency Wam reports. In separate meetings with Senators Mark Warner, Tom Cotton, and others, the president highlighted the importance of the US as a key ally and reaffirmed the UAE’s commitment to collaborating on regional stability and counterterrorism efforts.

#2- The president also met with Secretary of Commerce Gina Raimondo to discuss areas of cooperation between the countries, including trade, investment, and tech, Wam reported separately.

UAE signs customs cooperation agreement with US: The UAE and US inked a customs cooperation agreement on the sidelines of Sheikh Mohamed'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.

#4- Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan held meetings with various prime ministers and foreign ministers during the United Nations General Assembly in New York, Wam reported separately. He met with officials from France, Kenya, Guinea, Hungary, Liberia, Tuvalu, Saint Vincent and the Grenadines, Philippines and Honduras, discussing key global issues and cooperation in sectors like technology, trade, and renewable energy.

ALSO- The minister met with United Nations Humanitarian Coordinator for Gaza, Sigrid Kaag, to discuss the humanitarian situation in Gaza and ways to improve international response to the crisis, Wam reports. The conversation also addressed regional and international efforts to implement a ceasefire, ensuring safe access for humanitarian aid to civilians in the area.

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