Page 160 - 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 Al Zeyoudi was accompanied by a UAE delegation that included Rashed Abdulkarim Al
Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development; Ahmed
Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce & Industry; as well as
senior officers from Dubai Chambers, Sharjah Chamber of Commerce & Industry, Etihad
Airways and DP World alongside other representatives from UAE business entities and
investors.

A few days earlier, The United Arab Emirates and New Zealand have successfully concluded
negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) that will,
once signed and implemented, enhance trade and investment flows between the two
nations. The latest deal in the UAE’s ongoing CEPA programme was confirmed by the
signing of a joint statement by Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade,
and Todd McClay, New Zealand’s Minister of Trade.

Once implemented, the UAE-New Zealand CEPA will reduce or remove tariffs, eliminate
unnecessary barriers to trade, improve market access, and create new platforms for
investment and private sector collaboration with one of the world’s most globalised
economies.

It will further strengthen economic ties that have witnessed consistent growth in recent years
with bilateral non-oil trade totaling $460.3 million in the first half of 2024 – 11.5 per cent more
than the same period in 2023.

Today, the UAE is New Zealand’s largest trading partner in the Middle East, accounting for 50
per cent of its trade with the Mena region, and tenth largest globally.

In addition to increased bilateral trade flows, the CEPA is also projected to increase
investment between the two countries, creating opportunities for collaboration across a
number of priority sectors.

The UAE’s investments in New Zealand totaled more than $170.2 million in 2021, while FDI
from New Zealand to the UAE rose to $74.2 million, with the UAE’s economic stability, low
taxes and robust legal framework making it an attractive destination for New Zealand’s
investment community.

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