Abu Dhabi (WAM)
The UAE and New Zealand agreed to begin negotiations on reaching an agreement for a comprehensive economic partnership between them, which would strengthen trade and investment relations between the two countries.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, signed a joint declaration of intent with His Excellency Todd McLay, New Zealand Minister of Trade, in preparation for the start of these negotiations next month.
The proposed comprehensive economic partnership agreement reflects the growth of bilateral relations, as non-oil trade between the UAE and New Zealand reached $764.5 million in 2023, an increase of more than 15% compared to 2019, that is, exceeding levels before the “Covid” pandemic.
The agreement seeks to boost these numbers, by removing or reducing customs tariffs and trade barriers, improving access to markets, and creating investment paths that will provide new opportunities in key sectors, such as agriculture, renewable energy, logistics, professional services, and health care.
His Excellency Dr. Thani Al Zeyoudi said, “The launch of the Comprehensive Economic Partnership Agreement negotiations with New Zealand is a positive development for both the UAE and global trade.”
He added: “New Zealand has become an important trading partner for the UAE, based on the shared conviction between the two friendly countries that open, rules-based trade is an essential driver of sustainable economic growth.” He said: “The Comprehensive Economic Partnership Agreement with New Zealand will provide a range of promising opportunities for the two countries, as the UAE will provide direct access to new markets for New Zealand’s exports, especially in food and agricultural products, while exporters of goods and services and investors in the Emirates will be able to explore a range of High value sectors in New Zealand.
For his part, His Excellency Todd Maclay said: “Launching negotiations is an important step towards consolidating long-term trade and economic relations with the UAE.”
He added: “This comes after the conclusion of successful exploratory discussions, as well as public consultations, which demonstrated the importance of concluding a high-quality agreement to strengthen our economy and provide more export opportunities.”
He explained, “The agreement with the UAE will provide new opportunities for New Zealand exporters, who form an integral part of efforts to revitalize our economy. For this reason, the government has set the ambitious goal of doubling exports in value within 10 years, as the UAE is a major export center and destination in the region.” The Gulf region, and there are great opportunities to enhance cooperation in a range of fields, such as agriculture and sustainable energy.”
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