Page 845 - MOE ENGLISH PR - MAY 2024

The agreement will seek to boost those numbers through the removal or
reduction of tariffs and trade barriers, the improvement of market access, and the
establishment of investment pathways that will open up new opportunities in key
sectors such as agriculture, renewable energy, logistics, education, professional
services and healthcare.

Dr. Al Zeyoudi stated, “New Zealand has become a valued trade partner for the
UAE, one that shares our conviction that open, rules-based trade is an essential
driver of sustainable economic growth. A Comprehensive Economic Partnership
Agreement will open up a range of exciting opportunities for both nations, with
the UAE offering direct access to new markets for New Zealand’s exports,
particularly in food and agricultural products, while our services exporters and
investors will be able to explore a range of high-value sectors. We are both eager
to get started.”

McClay said, “Today’s launch of negotiations is an exciting step towards
cementing a significant trade and economic relationship. This follows the
conclusion of successful exploratory discussions, as well as public consultation,
which demonstrated the importance of pursuing a high-quality agreement to
boost our economy and unlock greater export opportunities.”

He added that an agreement with the UAE will provide new opportunities to New
Zealand exporters who “are integral to revitalising our economy, which is why the
Government has set the ambitious target of doubling exports by value within 10
years. New opportunities in the UAE will open further commercial opportunities
that will help lift domestic incomes and reduce the cost of living."

"The UAE is a key export destination and hub in the Gulf region, and there are
significant opportunities to enhance cooperation across a range of areas,
including agriculture and sustainable energy,” he said.

Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023,
the UAE’s non-oil trade in goods reached an all-time high of $701 billion, a 12.6
percent increase on 2022 – and 34.7 percent more than 2021. A CEPA with New
Zealand will be a significant addition to the UAE foreign trade network, which is
helping to propel non-oil foreign trade towards its target of AED4 trillion (US$1.1
trillion) by 2031.

https://www.msn.com/en-ae/