The UAE and New Zealand are currently examining the prospects of establishing a Comprehensive Economic Partnership Agreement or CEPA in a bid to stimulate trade.
Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, hosted a meeting with Damien O’Connor, New Zealand’s Minister of Trade and Export Growth, in Dubai to explore deeper economic collaboration between the two nations.
The UAE and New Zealand have already built a robust trade relationship, with non-oil trade surpassing $805M in 2022, marking a 7 percent increase compared to 2021 and a remarkable 23 percent rise from 2020.
Regarding UAE and New Zealand trade, the UAE emerged as New Zealand’s primary trading partner in the Arab World as of 2022, contributing to 2.5 percent of New Zealand’s overall foreign trade.
During the meeting, part of a visit by New Zealand’s trade officials to the UAE, Al Zeyoudi praised strong bilateral ties and emphasized the shared goal of expanding cooperation in sectors like agriculture, renewable energy, and healthcare.
Al Zeyoudi Updates on WTO MC13 in Abu Dhabi, 2024
Al Zeyoudi also provided updates on the preparations for the 13th Ministerial Conference (MC13) of the World Trade Organisation, scheduled to take place in Abu Dhabi in 2024.
He said, “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”.
“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.”
“We can now look forward to establishing the parameters of a future-facing, resilient and mutually beneficial deal.”
O’Connor, in turn, said: “These exploratory discussions are an important first step toward a trade agreement with the UAE, one of our key export destinations in the region and a valued bilateral partner for New Zealand.”
Following a recent visit to New Zealand by Reem bint Ibrahim Al Hashemy, UAE Minister of State for International Cooperation, discussions are now underway, according to Arabian Business.
These talks build upon the signing of key bilateral agreements, including a significant MoU between UAE’s Etihad Credit Export Insurance and New Zealand’s Export Credit Agency for export credit security.
To date, a grand total of five agreements have been formally concluded, spanning countries including India, Israel, Turkey, Indonesia, and Cambodia. The primary aim of these agreements is to expedite economic rejuvenation efforts and ensure the stability of crucial supply chains.
