UAE - New Zealand Joint Economic Committee agrees on seven new tracks to consolidate partnership between the two countries in the next stage
The eighth session of the UAE-New Zealand Joint Economic Committee was held recently in Dubai, on the sidelines of Expo 2020 Dubai, chaired by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and H.E. Damian O'Connor, Minister for Trade and Export Growth of New Zealand. Government officials, investors, and business community representatives from both countries attended the session.
The latest edition of the JEC defined seven new tracks aimed at consolidating the economic partnership between the two countries over the next two years, including the development of trade and mutual investment, advanced technology and innovative industries, agriculture and food security, energy and renewable energy, logistics services, tourism, and entrepreneurship and small and medium-sized enterprises. The session also witnessed the signing of a Memorandum of Understanding (MoU) between the Etihad Credit Export Insurance in UAE and the New Zealand Export Credit Agency to enhance the momentum of trade and increase export-related investments between the two countries.
H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, underlined the depth of bilateral relations between the UAE and New Zealand, explaining that the economic partnership between the two countries has constantly evolved towards further progress and prosperity. In particular, he highlighted the potential for collaboration between the two countries business communities, which could contribute to enhancing economic and trade cooperation, he noted.
H.E. said: "The non-oil trade between the UAE and New Zealand amounted to nearly AED 2.8 billion by the end of 2021, reflecting a growth of 14.2% compared to 2020 and a 13.4% increase compared to 2019. The UAE is New Zealands 10th largest trading partner globally, accounting for 2.5% of New Zealand's foreign trade. We are also New Zealands number one Arab trading partner, accounting for 50% of its trade with the Arab world. Meanwhile, the UAEs direct investments in New Zealand totaled AED 625 million by the end of March 2021. Meanwhile, New Zealand has investments worth more than AED 272.5 million in the UAE.
Meanwhile, H.E. Damian O'Connor said that relations between the two countries are based on strong ties, noting that the UAE is a key trade partner for New Zealand. He highlighted the UAEs vital position as an active logistics gateway facilitating the flow of New Zealands exports to the Middle East, Asian, and African markets.
