Page 159 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 1)

10/1/24, 2:39 PM UAE strengthens trade relations with New Zealand and Australia - GulfToday

Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has concluded a
successful visit to New Zealand and Australia, where he led a high-level UAE business
delegation to strengthen economic ties. The visit culminated in the conclusion of negotiations
for a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and New
Zealand, which will open important new avenues for trade and investment between the two
countries.

While in New Zealand, Dr Al Zeyoudi held a number of meetings with senior officials, including
Hon. Todd McClay, Minister for Trade, and Hon. Nicola Willis, Minister of Finance. The
discussions focused on the economic ambitions of each country and how greater
collaboration can help achieve them.

Dr Al Zeyoudi and Minister McClay also participated in a question-and-answer session with
the National Party in New Zealand’s parliament in Wellington, highlighting both nations’
commitment to deepening political and economic ties and exploring new private-sector
opportunities in both countries. This was followed by a business roundtable organised to
facilitate direct engagement between the UAE delegation and leading New Zealand
businesses, particularly in the agri-tech, renewable energy, technology and logistics sectors.

The UAE remains New Zealand’s largest trading partner in the Middle East, with non-oil trade
reaching US$768 million in 2023, a 16% increase over pre-COVID levels in 2019. The first
half of 2024 continued this positive trend, with trade volume reaching $460.3 million, 11.5%
more than the same period last year. The expanding bilateral trade relationship is expected to
create new opportunities across a range of sectors.

Dr Al Zeyoudi stated: “The UAE and New Zealand share a strong commitment to building an
innovative and resilient trade relationship. Our growing ties create new avenues for
businesses to collaborate, particularly in sectors such as the green economy, supply chain
management, food security and advanced technology. We are greatly encouraged by the
positive response to our visit, not least the conclusion of terms on our proposed
Comprehensive Economic Partnership Agreement, which will elevate our relationship on all
fronts.” Hon. Todd McClay, New Zealand’s Trade Minister, commented: “We welcome this new
phase in our relationship with the UAE. The deepening trade ties between our nations provide
a robust framework for fostering growth and prosperity for both countries.”

Dr Thani also visited Australia, where he held talks with His Excellency Hon. Don Farrell,
Australia’s Minister for Trade and Tourism. The minister’s discussed the timelines for signing
and implementing the CEPA between their two nations, the negotiations for which concluded
in earlier in September, and to begin the process of aligning their respective customs
departments.

Dr Thani also addressed a business roundtable in Melbourne, where private-sector
representatives reviewed sectors of maximum opportunity, including food security, renewable
energy, mining, logistics and tourism.

Strengthening relations with the broader Oceania region will support regional supply chain
resilience and promote sustainable development. The CEPAs with Australia and New Zealand
will help the UAE achieve its target of Dhs4 trillion ($1.1 trillion) in non-oil trade by 2031.

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