$2b boost in NZ exports to EU
New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.
The pair met at the recent WTO Ministerial Conference in Abu Dhabi where McClay launched a public consultation for a trade agreement between the two countries. Exploratory discussions on what is called a Comprehensive Economic Partnership Agreement (CEPA) - or effectively an FTA - began last September with two virtual discussions between officials held in December and February.
McClay says the UAE is a top-20 export market for NZ and our largest market in the Middle East, with exports increasing 17% to $1.2 billion in the last year. He says an FTA with the UAE could bring opportunities to enhance our bilateral cooperation and grow our trading relationship.
The UAE is one of the wealthiest countries in the world on a per-capita basis, with an increasingly diversified economy built on financial services, logistics, transport and petroleum. The UAE has started pursuing bilateral CEPAs since 2021, five of which have entered into force. That country is an important hub for NZ and a key component of our connectivity to the region and beyond, particularly in the aviation and maritime sectors.
