The United Arab Emirates and New Zealand have bilaterally established seven defined pathways to mutually further trade, investment, energy technology, and other essential sectors, state news agency WAM reported on Thursday.
The UAE-New Zealand Joint Economic Committee’s (JEC) eighth session was held on the sidelines of Expo 2020 Dubai, led by Dr. Thani bin Ahmed al-Zeyoudi, Minister of State for Foreign Trade, and Damian O’Connor, New Zealand’s Minister for Trade and Export Growth.
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An MoU was signed between the Etihad Credit Export Insurance in UAE and the New Zealand Export Credit Agency to “enhance trade momentum and increase export-related investments,” WAM reported.
Food security, logistics and entrepreneurship were also discussed and defined for further strengthening under the new areas of focus.
Al-Zeyoudi said in a statement carried by WAM that the “non-oil trade between the UAE and New Zealand amounted to nearly AED2.8 billion by the end of 2021, reflecting a growth of 14.2 percent compared to 2020 and a 13.4 percent increase compared to 2019.”
The UAE is reportedly New Zealand’s 10th largest trading partner globally, accounting for 2.5 percent of New Zealand’s foreign trade.
The UAE is also New Zealand’s premiere Arab trading partner, accounting for 50 percent of its trade with the Arab world.
Damian O’Connor in the same WAM report added, “We are keen to strengthen our trade and economic relations with the UAE by forging new partnerships with the public and private sectors… We will work to strengthen our cooperation with the UAE in agricultural technology, innovation, and trade facilitation.”
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