New Zealand is looking to boost trade with the Middle East & Gulf regions, particularly the UAE, as it seeks to expand its economic relationships and take advantage of existing trade deals with the UK and EU.
Despite challenges, New Zealand aims to strengthen bilateral ties in the Gulf region through cultural and educational exchanges.
The country sees the Gulf region as crucial to its global trade strategy and wants to engage with these countries in a significant manner.
Trade Opportunities in the Gulf
New Zealand’s trade minister, Damien O’Connor, recently visited the Middle East, specifically Riyadh (Saudi Arabia) and Abu Dhabi (UAE).
This visit is important because New Zealand is gearing up for an election on October 14. During the trip, the significant development was New Zealand’s decision to initiate discussions with the United Arab Emirates (UAE) for a new trade deal called the Comprehensive Economic Partnership Agreement (CEPA).
Australia had already announced a similar approach in 2022. New Zealand is now joining other countries like India, Indonesia, Israel, and Turkey in seeking trade agreements with the UAE.
Expanding Trade Initiatives in the Gulf Region
New Zealand is also paying more attention to its trade relationships in the Gulf region, which includes countries like Saudi Arabia and the UAE.
These nations are significant trading partners for New Zealand, and when considered as a group in the Gulf Cooperation Council (GCC), they represent New Zealand’s eighth-largest export market.
Saudi Arabia, with a population of around 36 million, is working on a forward-looking program called ‘Vision 2030’ to diversify its economy beyond oil.
The UAE, on the other hand, is hosting this year’s COP28 climate change summit in Dubai, highlighting its focus on environmental issues.
Strengthening Bilateral Relations
New Zealand is taking steps to strengthen its bilateral relations with Gulf states, particularly the UAE. This involves building closer ties, exploring trade agreements like CEPA, and engaging in various sectors.
New Zealand sees the UAE as a gateway to the Gulf region, much like Singapore serves as a gateway to Asia for New Zealand.
While CEPA talks are underway, New Zealand is also trying to revisit an older free trade deal negotiation with the GCC, which was initially agreed upon in 2009 but never finalized.
Also Read: UAE’s Innovation Hub Expands: Microsoft and G42 Tech Partnership
New Zealand is interested in including labor rights and environmental provisions in the agreement. However, there have been challenges in these negotiations due to market access issues and human rights concerns.
News4 days ago
News1 week ago
News1 week ago