Prime Minister Christopher Luxon of New Zealand is set to travel to the United Arab Emirates (UAE) tomorrow to participate in the signing of a pivotal trade agreement called the Comprehensive Economic Partnership Agreement (CEPA). This significant deal aims to drastically reduce tariffs on over 98 percent of New Zealand’s exports to the UAE, marking a major advancement in the economic collaboration between the two nations.

In his statements, Luxon highlighted the UAE as a reliable partner, noting the ongoing cooperation on a variety of shared interests such as renewable energy initiatives in the Pacific and efforts to foster peace in the Middle East. He also pointed out that about 4,000 New Zealanders live and work in the UAE, which acts as a critical logistics hub, accommodating more than half a million travelers from the UAE to New Zealand each year.

The CEPA, alongside an accompanying investment agreement that Tax Minister Todd McClay will sign, is expected to enhance the existing trade relationship, which is currently valued at NZ$1.3 billion. Luxon expressed optimistic views on how this agreement will serve as a strong foundation for New Zealand businesses to engage in increased trade and investment opportunities, reflecting the government’s ambitious goal to double the value of exports within the next decade.

During his visit, Luxon plans to present New Zealand as a globally connected trading nation that embraces sustainable technology and innovation, thereby positioning the country as an attractive destination for foreign investment.

Overall, this agreement represents not only a significant economic opportunity for New Zealand and the UAE but also showcases both nations’ commitment to enhancing international partnerships. As they move forward, this collaboration is expected to lay the groundwork for shared growth and prosperity in an ever-evolving global landscape.

This news highlights a hopeful outlook for future cooperation, as the economic ties between New Zealand and the UAE continue to strengthen, paving the way for broader regional collaboration and sustainable economic development.