The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement, which will boost trade and investment ties between the two nations.
New Zealand’s Minister for Trade Todd McClay met his UAE counterpart to announce the start of talks on a Comprehensive Economic Partnership Agreement, according to a statement on Tuesday.
UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said that a Comprehensive Economic Partnership Agreement will open up a range of opportunities for both countries, “with the UAE offering direct access to new markets for New Zealand’s exports, particularly in food and agricultural products, while our services exporters and investors will be able to explore a range of high-value sectors. We are both eager to get started.”
"The UAE is an important bilateral partner for New Zealand, and today’s launch of negotiations is an exciting step towards growing our significant trade and economic relationship," said McClay.
The UAE is New Zealand's largest trade partner in the Middle East and exports hit NZ$1.02 billion ($613 million) in the year to September 2023, up 17% from the year before, according to New Zealand foreign ministry data.