New Zealand Prime Minister Christopher Luxon is set to travel to the United Arab Emirates (UAE) tomorrow for the signing of a critical trade agreement known as the Comprehensive Economic Partnership Agreement (CEPA). This deal is expected to significantly reduce tariffs on over 98% of New Zealand’s exports to the UAE, enhancing trade relations currently valued at NZ$1.3 billion.
In a statement, Luxon praised the UAE as a trusted partner for New Zealand, highlighting the nations’ cooperation on various issues, such as expanding renewable energy initiatives in the Pacific and promoting peace in the Middle East. He also noted the importance of the UAE as a key transport and logistics hub, with over half a million people traveling from the UAE to New Zealand each year, alongside the approximately 4,000 Kiwis residing in the UAE.
The CEPA, along with an accompanying investment agreement to be signed by Trade Minister Todd McClay, aims to create new opportunities for New Zealand businesses to increase trade and investment. Prime Minister Luxon emphasized that this agreement serves as a foundation for the New Zealand government’s goal of doubling the value of exports within the next decade.
During his visit, Luxon plans to showcase New Zealand’s potential as a globally connected trading nation and its advancements in sustainable technology, positioning the country as an attractive destination for international investment.
This landmark agreement represents a promising development for New Zealand’s economy and international trade relations, particularly within the Middle East. Collaborative efforts like this are essential not only for enhancing economic growth but also for ensuring mutual prosperity in a rapidly changing global landscape.
In summary, Prime Minister Christopher Luxon’s upcoming visit to the UAE to sign the CEPA signifies a pivotal moment in strengthening trade ties, aiming to promote economic growth and showcasing New Zealand’s commitment to sustainable practices and international cooperation.
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