DUBAI: The Prime Minister of New Zealand the Rt Hon John Key, speaking at an event organised by Dubai Chamber of Commerce and Industry today, urged the implementation of a New Zealand-GCC Free Trade Agreement (FTA) to boost trade and economic cooperation between his country and the UAE.
The Prime Minister attended the UAE-New Zealand Business Seminar held at Dubai Chamber’s head office, on the first day of an official visit to the GCC region, during which he will raise the importance of finalising FTA talks that concluded in 2009.
In a keynote speech, Mr Key said: “In my view a free trade agreement between New Zealand and the GCC would take our economic relationship to the next level, and stimulate new ties between New Zealand and the Gulf States in a whole range of areas.
“A key focus of my visit over the next few days will be engaging with my Gulf counterparts about the importance we attach to finalising the FTA and bringing it into force. I think the time is right to get this agreement over the line,” he said.
Mr Key called the UAE a “priority market” for New Zealand trade, with current trade dominated by energy and agriculture. Dairy produce makes up the bulk of New Zealand exports to the country, he said.
Likewise, collectively the GCC is New Zealand’s fifth largest export destination with goods exports worth $1.9 billion in 2014, while New Zealand companies also offer expertise in agri-technology, aviation, ICT, healthcare and professional services, and construction and manufacturing, the Prime Minister said.
Mr Key added that the New Zealand Government will be investing more resources in the region and tomorrow he will open an expanded New Zealand Consulate General in Dubai, reflecting “the growth in the number of New Zealand companies seeking to do business here,” he said.
Dubai Chamber has 64 New Zealand companies among its members, with more than 120 New Zealand companies active in the GCC region.
The seminar was officially opened by H.E. Hisham Al Shirawi, Vice Chairman, Dubai Chamber, who highlighted Dubai’s successful business environment and encouraged additional cooperation between Dubai’s and New Zealand’s business communities.
“Today is an excellent opportunity for us to strengthen our bilateral relationship with New Zealand, and facilitate greater cooperation between our business communities,” he said.
H.E. Al Shirawi said: “Dubai-New Zealand non-oil trade increase by 38% last year to AED2.8 billion, rising from just over AED 2 billion in 2013. New Zealand is now Dubai’s 56th largest international trade partner and an important supplier for Dubai’s food and beverage, health, and infrastructure sectors.
“For New Zealand, complementing its successful agriculture sector are sizable manufacturing and service sectors and growing high-tech capabilities,” His Excellency said.
“These areas fit positively with Dubai’s economic landscape and future vision, and signal positive business synergies across several key areas, namely food processing, textiles, IT, education and tourism, and we hope to build on the strong foundation of our successful trade partnership for mutual growth,” he said.
New Zealand has a stable and competitive economy, driven by exports accounting for about 30% of GDP. Agricultural commodities make up the bulk of trade and around half of all goods exported. New Zealand is also one of the top five dairy exporters in the world.
