UAE and New Zealand ink economic partnership for near-total duty-free trade, Wam reports. The agreement will see UAE imports granted 100% duty-free access to the New Zealand market and 98.5% of New Zealand’s exports to the UAE will be duty-free, rising to 99% within three years.

A first for New Zealand: The agreement is New Zealand’s first trade agreement with a Middle Eastern nation and covers indigenous trade, sustainable development, women’s economic empowerment, and transparency. The agreement is expected to boost trade between the two nations to USD 5 bn by 2032, tripling the five-year average trade of USD 1.5 bn from 2019-2023.

More partnership with Kenya ahead: President Sheikh Mohamed bin Zayed Al Nahyan inked a UAE-Kenya economic partnership agreement with Kenyan President William Ruto, aiming to deepen trade and investment ties, strengthen supply chains, and improve market access across the Middle East and Africa, Wam reports. The agreement targets fostering innovation and sustainability in agriculture, retail, healthcare, financial services, technology, and tourism sectors, as well as accelerating investment in ICT, banking, tourism, infrastructure, and renewable energy.

REMEMBER- The UAE is looking to double its economy to over USD 800 bn by 2030, with foreign trade playing a key role. UAE-Kenya non-oil trade reached USD 3.1 bn in 9M 2024, up 29.1% y-o-y.

UAE, Malaysia sign MoU on AI collaboration: The UAE and Malaysia inked an MoU to bolster joint investment in artificial intelligence, Wam reports. The MoU focuses on using AI and advanced data analytics in community safety, national security, and operational efficiencies. It outlines areas of technical cooperation, including the development of AI-powered national security systems, the establishment of high-performance computing and security operations centers, enhanced customs tax collection, and improved operational efficiencies.

IN OTHER DIPLOMACY NEWS-

  • The President also welcomed Azerbaijan’s President Ilham Aliyev during the latter's working visit to the UAE for Abu Dhabi Sustainability Week, Wam reports. The two sides discussed avenues for enhanced cooperation across economy, investment, renewable energy, climate action, and other key sectors.
  • UAE, Finland explore deeper ties: Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, met his Finnish counterpart Petteri Orpo on Monday to discuss expanding cooperation across key sectors, including education, healthcare, renewable energy, AI, and space, state news agency Wam reports. Bin Rashid reaffirmed the UAE’s support for Finnish businesses operating in the country and encouraged more companies to use the UAE as a regional hub.
  • The Energy and Infrastructure Ministry inked an MoU with Uruguay's Industry, Energy, and Mining Ministry to establish a framework for both parties to share knowledge and expertise, conduct high-level discussions, and organize workshops in energy-related fields, Wam reports. The partnership aims to support the transition to clean and renewable energy and facilitate growth in diversifying energy sources for both countries.
Tags: