UAE Signs Trade Agreements with New Zealand and Australia to Strengthen Economic Ties
Foreign Trade Minister Dr. Thbin Ahmed Al Zeyoudi 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 resulted in the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and New Zealand, opening up significant new channels for investment and trade between the two nations.
While in New Zealand, Dr. Al Ciodi held several meetings with senior officials. Todd McClay, Minister of Trade and Hon. Nicola Willis, Minister for Finance. Discussions focused on each country’s economic aspirations and how greater cooperation could help achieve them. At a question-and-answer session with the National Party in New Zealand’s parliament in Wellington, Dr. Al Ciodi and Minister Maklay attended, highlighting the commitment of both countries to deepen political and economic ties and explore new private sector opportunities in both countries.
This was followed by a Business Roundtable to facilitate direct engagement between UAE representatives and New Zealand’s leading businesses, particularly in the agri-technology, renewable energy, technology and logistics sectors. The UAE is New Zealand’s largest trading partner in the Middle East, with non-oil trade expected to reach US$768 million in 2023, a 16 percent increase over pre-COVID-19 levels in 2019. This positive trend continued in the first half of 2024. Trade volume reached 460.3 million US dollars, 11.5 percent higher than the same period last year. The expanding bilateral trade relationship is expected to create new opportunities in various sectors.
Dr. Al Zeyoudi said: “The UAE and New Zealand share a strong commitment to building an innovative and flexible trade relationship. Our growing relationship creates new ways for businesses to collaborate, particularly in areas such as the green economy, supply chain management, food, security and advanced technology due to the positive response to our visit.” We are greatly encouraged, not the end of the terms of our proposed Comprehensive Economic Partnership Agreement, which will enhance our relationship on all fronts.
Hon. New Zealand’s Trade Minister Todd McLay commented: “We welcome this new phase in our relationship with the UAE. The deep trade ties between our countries provide a strong framework for growth and prosperity for both countries.”
Dr. Thani also visited Australia where he met Hon. Dan Farrell, Australia’s Minister for Trade and Tourism. The ministers discussed the timeline for the signing and implementation of CEPA between their two countries, negotiations for which were concluded in September, and the initiation of the process of aligning their respective customs departments.
Dr Thani was addressing a business roundtable in Melbourne where private sector representatives reviewed sectors with the highest potential including food security, renewable energy, mining, logistics and tourism.
Strengthening ties with the wider Oceania region will support regional supply chain resilience and promote sustainable development. CEPAs with Australia and New Zealand will help the UAE reach its target of AED4 trillion (US $1.1 trillion) in non-oil trade by 2031.
Abu Dhabi Department of Economic Development Deputy Secretary Rasheed Abdulkarim Al Balushi and other representatives of the United Arab Emirates including Dr. Ahmed Khalifa Al Qubaisi, CEO of Abu Dhabi Trade and Industry; as well as senior officials from Dubai Chambers, Sharjah Chamber of Commerce & Industry, Etihad Airways and DB World, along with other representatives of business organizations and investors from the UAE.