NZ, UAE Embark on Free Trade Agreement Negotiations

In a significant development for international trade relations, Minister for Trade Todd McClay has announced that New Zealand and the United Arab Emirates (UAE) are poised to commence negotiations on a free trade agreement (FTA). This move underscores the commitment of both nations to deepen economic ties and foster mutual prosperity through enhanced trade collaboration.

Minister McClay’s announcement came following a high-level meeting with his counterpart, UAE Trade Minister Dr. Thani bin Ahmed Al Zeyoudi, in Dubai. Together, they announced the launch of negotiations on a Comprehensive Economic Partnership Agreement (CEPA), setting the stage for a comprehensive dialogue aimed at strengthening bilateral trade and investment relations between New Zealand and the UAE.

Trade agreements have emerged as pivotal instruments in the government’s strategy to revitalize the economy, serving as catalysts for sustainable growth and enabling the delivery of essential public services that uphold New Zealanders’ quality of life.

“The UAE stands as a crucial bilateral partner for New Zealand, and the initiation of negotiations today marks a significant milestone in our shared journey towards expanding trade and economic cooperation,” remarked Minister McClay, highlighting the strategic importance of the UAE as a key player in the global economy.

The decision to embark on FTA talks follows extensive preparatory work, including successful exploratory discussions and thorough public consultations. These consultations underscored the paramount importance of pursuing a high-quality agreement that not only bolsters the economy but also unlocks new avenues for Kiwi exporters to thrive in international markets.

Recognizing the pivotal role of exporters in driving economic growth, the government has set ambitious targets to double exports by value within the next decade. The commencement of negotiations with the UAE is poised to create fresh opportunities for New Zealand exporters, enabling them to tap into the dynamic UAE market and bolster their global footprint.

“The UAE’s status as a key export destination and regional hub in the Gulf region presents immense potential for collaboration across diverse sectors, ranging from agriculture to sustainable energy,” observed Minister McClay, emphasizing the breadth of opportunities awaiting exploration.

Moreover, a CEPA with the UAE holds the promise of complementing New Zealand’s ongoing negotiations towards a free trade agreement with the Gulf Cooperation Council (GCC). Minister McClay expressed satisfaction in advancing these discussions during his recent visit to Saudi Arabia, underscoring the government’s commitment to fostering deeper economic integration with key partners in the region.

As negotiations progress, both New Zealand and the UAE are poised to leverage their respective strengths and expertise to forge a comprehensive trade agreement that not only facilitates smoother trade flows but also sets a new benchmark for economic cooperation in the Asia-Pacific region.

In conclusion, the initiation of FTA negotiations between New Zealand and the UAE signals a new chapter in their bilateral relations, marked by enhanced trade collaboration and mutual prosperity. As both nations embark on this journey, they are poised to unlock new opportunities, create jobs, and drive sustainable economic growth for the benefit of their citizens and businesses alike.