Agreement sets out to bolster trade by eliminating or reducing tariffs and trade barriers, improving market access DUBAI: The UAE and New Zealand have agreed to start negotiations for a comprehensive economic partnership agreement, with the intention to enhance trade and investment ties between the two countries, the Emirates News Agency reported. A joint declaration of intent confirming the agreement was signed by Emirati Minister of State for Foreign Trade Dr. Thani bin Ahmed Al-Zeyoudi and New Zealand’s Minister of Trade Todd McClay on Monday. The agreement sets out to bolster trade by eliminating or reducing tariffs and trade barriers, improving market access, and establishing investment pathways that will create new opportunities in key sectors such as agriculture, renewable energy, logistics, education, professional services, and healthcare. “New Zealand has become a valued trade partner for the UAE, one that shares our conviction that open, rules-based trade is an essential driver of sustainable economic growth,” Al-Zeyoudi said. “A comprehensive economic partnership agreement will open up a range of exciting opportunities for both nations, with the UAE offering direct access to new markets for New Zealand’s exports, particularly in food and agricultural products, while our services exporters and investors will be able to explore a range of high-value sectors. We are both eager to get started,” he added. McClay said that an agreement with the UAE will offer new opportunities for New Zealand exporters who “are integral to revitalising our economy, which is why the government has set the ambitious target of doubling exports by value within 10 years.” The New Zealand minister continued: “New opportunities in the UAE will open further commercial opportunities that will help lift domestic incomes and reduce the cost of living. “The UAE is a key export destination and hub in the Gulf region, and there are significant opportunities to enhance cooperation across a range of areas, including agriculture and sustainable energy.” The proposed agreement is an indication of the growing bilateral relations between the two countries, with non-oil trade between the UAE and New Zealand reaching $764.5 million in 2023, an increase of more than 15 percent compared with 2019.