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UAE aims to strengthen economic relations with Australia and New Zealand
Posted on October 1, 2024 |
The UAE is working on Comprehensive Economic Partnership Agreements (CEPA) with Australia and New Zealand to achieve a target of Dh4 trillion ($1.1 trillion) in non-oil trade by 2031.
Strengthening connections with the Oceania region will enhance supply chain reliability and support sustainable development efforts.
New Zealand is the UAE's top trading partner in the Middle East, with non-oil trade reaching $768 million in 2023, a 16% increase compared to pre-Covid levels in 2019.
In the first half of 2024, trade continued to rise, totaling $460.3 million, which is 11.5% higher than the same period last year.
The growing trade relationship between the UAE and New Zealand is expected to create new opportunities across different sectors.