In a significant step to bolster economic relations, New Zealand and the United Arab Emirates (UAE) have commenced negotiations for a free trade agreement. The announcement was made by New Zealand's trade minister Todd McClay, following a meeting with UAE trade minister Dr Thani bin Ahmed Al Zeyoudi in Dubai.

The discussions are set to focus on establishing a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This move comes after successful exploratory talks and a phase of public consultation which highlighted the potential benefits of such an agreement. Both sides are eager to strengthen economic ties and expand export opportunities.

Minister McClay emphasised the strategic importance of the FTA in revitalising New Zealand’s economy. The government aims to double the value of exports within the next decade. By forging new trade relationships with the UAE, one of the world's dynamic economic hubs, New Zealand hopes to unlock substantial commercial opportunities. This could potentially lift domestic incomes and contribute to lowering the cost of living, the New Zealand government said in a press release.

“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. “A CEPA with the UAE would also complement our ongoing negotiations towards a free trade agreement with the Gulf Cooperation Council, and I was pleased to advance these discussions during my visit to Saudi Arabia last week and my discussions with Saudi and GCC counterparts.”

Fibre2Fashion News Desk (DP)

New Zealand & UAE Initiate Free Trade Agreement Negotiations

Insights