In a significant development for international trade relations, New Zealand and the United Arab Emirates are set to commence negotiations on a Comprehensive Economic Partnership Agreement. This announcement was made in Dubai by New Zealand's Trade Minister Todd McClay and his UAE counterpart.
The UAE stands as New Zealand's largest trading partner in the Middle East, with trade volumes reaching NZ$1.02 billion ($613 million) in the year ending September 2023, marking a 17% increase from the previous year. This new agreement aims to further enhance the economic ties between the two nations.
Trade Minister McClay expressed enthusiasm about the negotiations, emphasizing the importance of the UAE as a crucial bilateral partner. He highlighted the potential for this agreement to bolster the already significant trade and economic relationship between the two countries.
In addition to these bilateral talks, New Zealand is actively pursuing a broader engagement with the Gulf region. The country is also negotiating a free trade agreement with the Gulf Cooperation Council, which includes the UAE, Kuwait, and Saudi Arabia, among others.
This push for expanded trade relationships comes on the heels of New Zealand's newly effective free trade deal with the European Union, which began on May 1 after ratification in March.
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