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Tuesday, May 28, 2024

New Zealand and UAE launch free trade agreements

In a significant move aimed at enhancing economic relations, New Zealand and the United Arab Emirates (UAE) have initiated negotiations for a free trade agreement. The announcement came from New Zealand’s trade minister, Todd McClay, following a meeting with UAE trade minister Dr. Thani bin Ahmed Al Zeyoudi in Dubai.

The discussions will concentrate on establishing a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This development follows successful exploratory talks and a phase of public consultation that underscored the potential benefits of such an agreement. Both parties are eager to strengthen economic ties and broaden export opportunities.

Minister McClay underscored the strategic importance of the FTA in revitalizing New Zealand’s economy. The government aims to double the value of exports within the next decade. By cultivating new trade relationships with the UAE, recognized as one of the world’s dynamic economic hubs, New Zealand seeks to unlock substantial commercial opportunities. This endeavor has the potential to elevate domestic incomes and contribute to reducing the cost of living, as stated in a press release by the New Zealand government.

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