While the world waits to see which way The Donald will duck with regards to tariffs, a new FTA is liable to prove a boon to Bay of Plenty businesses.
‘The recently signed Free Trade Agreement (FTA) between New Zealand and the United Arab Emirates (UAE) marks a significant milestone for New Zealand’s exporters,’ a statement from the Tauranga Business Chamber confirms.
‘This agreement, which eliminates tariffs on 99 per cent of New Zealand’s exports to the UAE, opens up a plethora of opportunities for businesses, particularly those in the central North Island.’
The agreement promises a raft of benefits by reducing barriers and the cost of trading. As the UAE is, effectively, a gateway to other Middle Eastern markets, it could open the door to further opportunities.
Primary producers will have much to gain, with a significant demand for high-quality food and beverage products in particular.
In general, the Middle East is diversifying away from oil production, the chamber advises, and UAE businesses are liable to favour partnerships and joint ventures while granting improved access to capital.
‘As the FTA comes into effect, now is the time for businesses to explore the potential benefits and strategise. With the right support and a proactive approach, the Bay of Plenty’s exporters can look forward to a prosperous and dynamic economic future.’
Additional information about potential benefits through this FTA is accessible via www.tauranga.org.nz.
