WELLINGTON -- New Zealand has signed a free trade agreement with the United Arab Emirates (UAE), one of New Zealand's largest markets in the Middle East, which is the country's first trade agreement in the Gulf region.

The trade pact and the accompanying investment treaty, known as the Comprehensive Economic Partnership Agreement (CEPA), was signed on Tuesday in Abu Dhabi, the UAE capital.

New Zealand's key exports to the UAE include dairy, industrial products, meat, horticultural products and travel services, according to the latest website update of the New Zealand Ministry of Foreign Affairs and Trade on Wednesday.

"The UAE's dynamic and high-value market offers significant opportunities for export growth and diversification for New Zealand companies," it said.

Two-way trade between New Zealand and the UAE is valued at 1.3 billion NZ dollars (730 million USD) annually, which is set to grow when the CEPA comes into force later this year, said New Zealand Prime Minister Christopher Luxon.

The New Zealand government aims to double the value of its exports in 10 years, Luxon said, adding the CEPA secures preferential access for Kiwi primary sector exporters, and strengthens supply chains with a key partner in the Gulf region.

New Zealand Trade Minister Todd McClay said duties on 98.5 percent of Kiwi exports to the UAE would be eliminated immediately upon the agreement's entry into force, and the figure will rise to 99 percent within three years.

New Zealand and the UAE concluded trade negotiations last September in just over four months, the fastest-ever free trade agreement negotiation reached between New Zealand and its trade partners.