The UAE is making significant strides towards achieving its target of Dh4 trillion ($1.1 trillion) in non-oil trade by 2031 through the Comprehensive Economic Partnership Agreements (Cepas) being planned with Australia and New Zealand. Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, emphasized the importance of strengthening relations with the Oceania region to support regional supply chain resilience and promote sustainable development. His successful visit to New Zealand and Australia resulted in the conclusion of negotiations for a Cepa between the UAE and New Zealand, which will open up new avenues for trade and investment between the two countries.
During his visit to New Zealand, Al Zeyoudi met with senior officials and participated in discussions with Todd McClay, the Minister for Trade, and Nicola Willis, the Minister of Finance. The focus was on the economic ambitions of each country and how greater collaboration can help achieve them. A question-and-answer session at the National Party in New Zealand’s parliament highlighted the commitment to deepening political and economic ties, followed by a business roundtable to facilitate direct engagement between the UAE delegation and leading New Zealand businesses in various sectors.
The UAE remains New Zealand’s largest trading partner in the Middle East, with non-oil trade reaching $768 million in 2023, showing a 16 per cent increase over pre-Covid levels in 2019. The expanding bilateral trade relationship is expected to create new opportunities across different sectors such as agri-tech, renewable energy, technology, and logistics. Al Zeyoudi expressed enthusiasm about the positive response to the visit and the conclusion of terms on the proposed Comprehensive Economic Partnership Agreement, which will elevate the relationship between the two countries.
In Australia, Al Zeyoudi held talks with Australia’s Minister for Trade and Tourism, Hon. Don Farrell, to discuss the timelines for signing and implementing the Cepa between the two nations. The negotiations for the Cepa concluded in September, leading to discussions on aligning their respective customs departments. A business roundtable in Melbourne focused on sectors of maximum opportunity, including food security, renewable energy, mining, logistics, and tourism. The visit emphasized the importance of fostering growth and prosperity for both countries through deepening trade ties.
Al Zeyoudi’s visit was accompanied by a UAE delegation that included representatives from various economic departments in Abu Dhabi, as well as senior officers from Dubai Chambers, Sharjah Chamber of Commerce & Industry, Etihad Airways, DP World, and other UAE business entities. The strong commitment to building an innovative and resilient trade relationship between the UAE, New Zealand, and Australia creates new avenues for collaboration in sectors such as the green economy, supply chain management, food security, and advanced technology. This partnership is set to boost economic growth and create new opportunities for businesses in all three countries.
