UAE Strengthens Economic Ties with New Zealand and Australia

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, concluded a successful visit to New Zealand and Australia. The visit included the conclusion of a Comprehensive Economic Partnership Agreement with New Zealand and discussions on various sectors, set to enhance trade and investment between the countries.

Dubai [UAE], September 28 (ANI/WAM): Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has wrapped up a fruitful visit to New Zealand and Australia, leading a high-profile UAE business delegation to bolster economic relations. A significant achievement was the conclusion of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with New Zealand, creating critical new trade and investment opportunities.

In New Zealand, Dr. Al Zeyoudi met with senior officials, including Trade Minister Todd McClay and Finance Minister Nicola Willis. Discussions focused on mutual economic ambitions and enhanced collaboration. Both ministers engaged in a Q&A session with New Zealand's National Party in Wellington, underscoring the commitment to strengthening political and economic bonds and exploring new private-sector opportunities. A business roundtable facilitated direct engagement between the UAE delegation and prominent New Zealand firms, particularly in agri-tech, renewable energy, technology, and logistics sectors. The UAE remains New Zealand's top trading partner in the Middle East, with non-oil trade reaching US$768 million in 2023, marking a 16 percent rise from pre-COVID-19 levels in 2019. The first half of 2024 saw trade volume increase by 11.5 percent to US$460.3 million compared to the same period last year.

Dr. Al Zeyoudi remarked, "The UAE and New Zealand are committed to fostering an innovative and resilient trade relationship. Our expanding ties create new business collaboration opportunities in sectors like the green economy, supply chain management, food security, and advanced technology. The positive response to our visit and the finalization of the CEPA terms will elevate our relationship in all dimensions." New Zealand's Trade Minister Todd McClay added, "We welcome this new phase in our relationship with the UAE. Our deepening trade ties offer a robust framework for mutual growth and prosperity." In Australia, Dr. Thani held discussions with Trade and Tourism Minister Don Farrell on the timelines for the CEPA's signing and implementation, with both countries working to align their customs departments.

A business roundtable in Melbourne saw private-sector representatives identify high-potential sectors, including food security, renewable energy, mining, logistics, and tourism. Strengthening relations with the broader Oceania region supports regional supply chain resilience and sustainable development. The CEPA agreements with Australia and New Zealand are pivotal to the UAE's goal of achieving AED4 trillion (US$1.1 trillion) in non-oil trade by 2031.

Dr. Al Zeyoudi was accompanied by a UAE delegation, including 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; and senior officers from Dubai Chambers, Sharjah Chamber of Commerce & Industry, Etihad Airways, and DP World, alongside other UAE business representatives and investors. (ANI/WAM)

(With inputs from agencies.)