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UAE seeks to boost economic ties with Australia and New Zealand

Bilateral non-oil trade with New Zealand totaled $313 million in the first four months of 2024

The Comprehensive Economic Partnership Agreements (Cepas) being planned with Australia and New Zealand will help the UAE achieve its target of Dh4 trillion ($1.1 trillion) in non-oil trade by 2031, a senior official said.

“Strengthening relations with the broader Oceania region will support regional supply chain resilience and promote sustainable development,” Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said after he concluded a successful visit to New Zealand and Australia

Al Zeyoudi recently led a high-level UAE business delegation to the two countries to strengthen economic ties. The visit culminated in the conclusion of negotiations for a Cepa between the UAE and New Zealand, which will open important new avenues for trade and investment between the two countries.

While in New Zealand, Al Zeyoudi held a number of meetings with senior officials, including Todd McClay, Minister for Trade, and Nicola Willis, Minister of Finance. The discussions focused on the economic ambitions of each country and how greater collaboration can help achieve them.

Al Zeyoudi and McClay also participated in a question-and-answer session with the National Party in New Zealand’s parliament in Wellington, highlighting both nations’ commitment to deepening political and economic ties and exploring new private-sector opportunities in both countries. This was followed by a business roundtable organized to facilitate direct engagement between the UAE delegation and leading New Zealand businesses, particularly in the agri-tech, renewable energy, technology and logistics sectors.

The UAE remains New Zealand’s largest trading partner in the Middle East, with non-oil trade reaching $768 million in 2023, a 16 per cent increase over pre-Covid levels in 2019. The first half of 2024 continued this positive trend, with trade volume reaching $460.3 million, 11.5 per cent more than the same period last year. The expanding bilateral trade relationship is expected to create new opportunities across a range of sectors.

Al Zeyoudi stated: “The UAE and New Zealand share a strong commitment to building an innovative and resilient trade relationship. Our growing ties create new avenues for businesses to collaborate, particularly in sectors such as the green economy, supply chain management, food security and advanced technology. We are greatly encouraged by the positive response to our visit, not least the conclusion of terms on our proposed Comprehensive Economic Partnership Agreement, which will elevate our relationship on all fronts.”

McClay commented: “We welcome this new phase in our relationship with the UAE. The deepening trade ties between our nations provide a robust framework for fostering growth and prosperity for both countries.”

Al Zeyoudi also visited Australia, where he held talks with His Excellency Hon. Don Farrell, Australia’s Minister for Trade and Tourism. The minister’s discussed the timelines for signing and implementing the Cepa between their two nations, the negotiations for which concluded in earlier in September, and to begin the process of aligning their respective customs departments.

Al Zeyoudi also addressed a business roundtable in Melbourne, where private-sector representatives reviewed sectors of maximum opportunity, including food security, renewable energy, mining, logistics and tourism.

Al Zeyoudi was accompanied by a UAE delegation that included Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development; Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce & Industry; as well as senior officers from Dubai Chambers, Sharjah Chamber of Commerce & Industry, Etihad Airways and DP World alongside other representatives from UAE business entities and investors.