UAE trade offensive continues, this time with New Zealand deal
The UAE is looking to secure its sixth trade agreement of the year as it increases its non-oil trade globally, with intentions to reach $1.09 billion by 2031.
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The United Arab Emirates and New Zealand are in early discussions to forge a trade agreement following a visit to Dubai by New Zealand officials, as the Emirates’ recent economic pacts with Indonesia and Turkey came into effect on Friday.
The UAE’s Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi announced on Twitter Thursday that the country’s Comprehensive Economic Partnership Agreements (CEPAs) with Indonesia and Turkey are going into effect on Sept. 1.
CEPAs are essentially free trade deals that lower tariffs, strengthen market access for importers and exporters and create new investment opportunities between the countries concerned.
“Our latest CEPAs will solidify ties with two of our fastest growing trading partners, not only accelerating trade and securing supply chains but facilitating capital flows into priority sectors such as energy, logistics, tourism and the Halal economy,” Al Zeyoudi wrote.
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