The UAE and New Zealand have started preliminary discussions to advance trade relations that include forging a Comprehensive Economic Partnership Agreement.
Discussions were held during a meeting in Dubai between Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Damien O’Connor, New Zealand’s Minister of Trade and Export Growth, the UAE Ministry of Economy said in a statement on Friday.
The two nations already have an active trade relationship, with non-oil trade reaching $805 million in 2022, a 7 per cent increase from 2021 and 23 per cent over 2020.
As of 2022, the UAE, the Arab world's second-largest economy, is New Zealand’s top trading partner from the region. The UAE accounts for 2.5 per cent of New Zealand's total foreign trade.
“New Zealand is a valued partner for the UAE in the Oceania region, and a nation that shares our firm belief in open, rules-based trade as a catalyst for sustainable economic growth," Dr Al Zeyoudi said in the statement.
"As we seek to expand our network of trading partners, exploring a potential Comprehensive Economic Partnership Agreement demonstrates our commitment to delivering new markets and new opportunities for our private sector."
The UAE, which aims to boost trade and economic relations with countries around the globe, is working towards signing 26 Cepas as it seeks to attract more investment and diversify its economy.
The Emirates has signed Cepas with India, Israel, Turkey, Indonesia and Cambodia, each of which are designed to boost economic activity and secure vital supply chains.
Boosting trade is one of the central planks of the UAE’s economic transformation agenda. The UAE aims to sign the deals as it seeks to broaden its investment horizon globally and boost its foreign trade to Dh4 trillion ($1.09 trillion) by 2031.
Overall, Cepas are expected to add about 2.6 per cent to the UAE's economy by 2030, Dr Al Zeyoudi has said previously.
The benefits of Cepas include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules, and rule-based competition – all of which will further support the UAE's growing economic momentum.
The UAE's non-oil foreign trade hit a record Dh1.24 trillion in the first half of 2023, up 14.4 per cent year-on-year, it was announced on Wednesday.
The country's non-oil exports during the period exceeded the annual level recorded five years ago, after trade with its top 10 most important trading partners increased 22 per cent in the first six months of this year.
The UAE is also "on course" to achieve its non-oil trade target of Dh4 trillion by 2031 amid policies such as the signing of Cepas, Dr Al Zeyoudi said on Thursday.
“These exploratory discussions are an important first step towards a trade agreement with the UAE, one of our key export destinations in the region, and a valued bilateral partner for New Zealand," Mr O'Connor said.
The latest discussions between the UAE and New Zealand follow accelerated economic and trade efforts between the two nations.
In May, Reem Al Hashemy, Minister of State for International Co-operation, led a UAE delegation to Wellington aimed at boosting economic, trade and cultural relations.
Ms Al Hashemy also met figures from the food, sustainability and innovation sectors, emphasising the key role of the private sector in supporting economic co-operation between the two countries.
In 2022, the UAE and New Zealand agreed to work together in seven priority economic sectors through to 2024, focusing on trade and mutual investments, advanced technology, innovative industries, agriculture and food security, renewable power, logistics, entrepreneurship and tourism.
The UAE and New Zealand have also signed several preliminary agreements, including one between the UAE’s Etihad Credit Export Insurance and the New Zealand Export Credit Agency on securing export credit, and another on food security between the UAE Ministry of Climate Change and Environment and New Zealand’s Ministry of Foreign Affairs and Trade.
"We can now look forward to establishing the parameters of a future-facing, resilient and mutually beneficial deal," Dr Al Zeyoudi said.
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
ICC men's cricketer of the year
2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
The five pillars of Islam
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
