The UAE on Tuesday signed Comprehensive Economic Partnership Agreements with Malaysia and New Zealand as the Arab world’s second largest economy continues to bolster trade and economic ties with countries around the world.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, signed the new Cepas with his counterparts from Malaysia and New Zealand in Abu Dhabi, according to a Wam statement on Tuesday.
President Sheikh Mohamed joined New Zealand’s Prime Minister Christopher Luxon to witness the signing of the agreement between the nations.
The deal with New Zealand is expected to boost bilateral trade to $5 billion by 2032, tripling the five-year average trade of $1.5 billion shared between two countries from 2019-2023.
"The Cepa represents New Zealand’s first trade agreement with a Middle Eastern nation and is one of the UAE’s most expansive Cepas to date, covering areas that include indigenous trade, sustainable development, women’s economic empowerment, and transparency," the statement said.
The UAE-New Zealand bilateral non-oil trade reached $642 million in the first nine months of 2024, up 8 per cent from the same period in 2023. The countries also signed the Bilateral Investment Treaty on the Promotion and Protection of Investments to strengthen ties along with the Cepa on Tuesday.
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