And it happened Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign TradeDuring his official visit to New Zealand at the head of an Emirati delegation of business leaders, he issued a joint statement with Todd McClay, New Zealand’s Minister of Trade, Agriculture and Forestry, to announce the successful completion of the talks and the final terms of the agreement.
The two ministers affirmed the commitment of the two friendly countries to work together to raise relations to new levels of integration and joint growth.
The agreement, once officially signed, followed by completion of ratification procedures and subsequent entry into force, will contribute to enhancing trade and investment flows between the two countries, by reducing or eliminating customs tariffs, removing unnecessary barriers to trade, enhancing access to markets, and creating new platforms for investment and cooperation with the private sector in one of the most open economies in the world.
It is considered The UAE New Zealand’s second largest trading partner in the Middle East and twentieth largest in the world according to 2023 data, the Comprehensive Economic Partnership Agreement between the two countries will strengthen trade relations that have witnessed continuous growth in recent years, as the total value of non-oil bilateral trade reached $460.3 million in the first half of 2024, an increase of 11.5 percent compared to the first half of 2023, and UAE exports to New Zealand An increase of 9.8 percent over the same period.
In addition to increasing bilateral trade, the agreement is also expected to significantly increase investment flows between the two countries with promising opportunities for cooperation and partnership building between the business communities on both sides across a range of sectors.
It is worth noting that the total UAE investments in New Zealand amounted to more than $170.2 million in 2021, while the value of foreign direct investments from New Zealand to the UAE rose to $74.2 million. Thus, the UAE’s growth-promoting business environment makes the country an attractive destination for the New Zealand investment community.
The UAE’s Comprehensive Economic Partnership Agreements and foreign trade expansion programme is a key pillar of the country’s economic growth strategy.
During the first half of 2024, the UAE’s non-oil trade in goods witnessed a record growth of AED 1.395 trillion, representing an 11.2 percent increase in foreign trade compared to the first half of 2023, which is the sixth consecutive half to witness growth in foreign trade.
Dr. Thani bin Ahmed Al Zeyoudi said: “New Zealand is an important partner for the UAE. The UAEThere is a promising opportunity to achieve economic integration and mutual growth between the two countries, as their economies are similar in their focus on trade and investment openness to the world.”
He stressed that the Comprehensive Economic Partnership Agreement with New Zealand It is a catalyst for bilateral trade and enhances trade exchange between the UAE and the Asia-Pacific region, which is witnessing significant growth. This reflects the ambitious nature of the UAE’s foreign trade strategy and reflects its commitment to expanding the scope of opportunities available to the private sector by enhancing access to markets in major economies, including New Zealand, which has an economy with distinct potential in a number of industrial sectors thanks to its advanced agriculture and food production sectors.
“The Comprehensive Economic Partnership Agreement will enable New Zealand exporters to access new markets through United Arab Emirates This is in light of the promising opportunities for cooperation and building partnerships.”
