UAE and New Zealand Sign Declaration of Intent for Comprehensive Economic Partnership Agreement
The UAE and New Zealand have announced plans to negotiate a comprehensive economic partnership agreement.
The goal is to boost trade and investment between the two countries by eliminating tariffs, reducing trade barriers, and improving market access.
Key sectors for potential growth include agriculture, renewable energy, logistics, education, professional services, and healthcare.
The agreement was signed by Emirati Minister Dr. Thani bin Ahmed Al-Zeyoudi and New Zealand's Minister of Trade Todd McClay.
New Zealand and the UAE have expressed their commitment to open, rules-based trade for economic growth.
They plan to sign a comprehensive economic partnership agreement, which will provide New Zealand with direct access to new markets for food and agricultural exports in the UAE.
In return, UAE's services exporters and investors will have opportunities to explore high-value sectors in New Zealand.
The agreement is significant for New Zealand as it aims to double exports by value within 10 years, and its exporters play a crucial role in revitalizing the economy.
The New Zealand minister speaks about the potential benefits of deepening commercial relations with the UAE.
The UAE is a significant export destination and hub in the Gulf region, offering new opportunities for cooperation in areas like agriculture and sustainable energy.
Bilateral trade between the two countries has seen a 15% increase, reaching $764.5 million in 2023.
This proposed agreement is a reflection of the growing bilateral relations between New Zealand and the UAE.