UAE and New Zealand Strengthen Economic Ties with Comprehensive Partnership Agreement

Ministers and officials have lauded the newly signed Comprehensive Economic Partnership Agreement (CEPA) between the UAE and New Zealand, heralding it as a strategic step to boost bilateral economic relations.

The agreement aims to enhance cooperation in key sectors, including advanced technology, clean energy, agriculture, and financial services.

The CEPA aligns with the UAE’s vision to diversify its economy and solidify its position as a global trade and innovation hub. Ministers emphasized that the agreement supports sustainable economic growth, facilitates trade and investment flows, and strengthens national competitiveness.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, called the agreement a key milestone in reinforcing the UAE’s global trade presence. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, noted New Zealand’s leadership in clean energy transitions, underscoring the potential for collaborative projects.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, highlighted the opportunity to advance industrial collaboration in high-value sectors like technology and sustainability. Abdullah bin Touq Al Marri, Minister of Economy, reaffirmed the UAE’s commitment to deepening economic ties with New Zealand, a vital player in the South Pacific.

The CEPA is also expected to open new investment avenues in clean energy, infrastructure, and sustainable agriculture, with Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, emphasizing its potential to address global challenges such as food security and climate change.

Non-oil trade between the two countries reached US$642 million in the first nine months of 2024, marking an 8 percent increase from 2023. The CEPA is poised to play a significant role in the UAE’s goal of reaching AED4 trillion in non-oil foreign trade by 2031.

News Source: Emirates News Agency