WELLINGTON, May 7 (Xinhua) -- New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement, a statement of the New Zealand government said on Tuesday.
New Zealand Minister for Trade Todd McClay met with his counterpart UAE Trade Minister Thani bin Ahmed Al Zeyoudi in Dubai on the launch of negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and strengthening economic ties between the two countries.
The UAE is an important bilateral partner for New Zealand and a key export destination and hub in the Gulf region, McClay said, adding that there are significant opportunities to enhance cooperation across a range of areas, including agriculture and sustainable energy.
A high-quality trade agreement will boost New Zealand's economy and unlock greater export opportunities, he said, adding that new opportunities in the UAE will open further commercial opportunities that will lift domestic incomes and reduce the cost of living.
A CEPA with the UAE would also complement New Zealand's ongoing negotiations towards a free trade agreement with the Gulf Cooperation Council, McClay said. ■