UAE signs trade agreements with Malaysia, Kenya, and New Zealand

The United Arab Emirates on Tuesday finalized trade agreements with Malaysia, Kenya, and New Zealand, marking another step in its push to diversify its economy beyond oil and cement its position as a global trade hub.

These accords, part of the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) initiative launched in 2021, aim to enhance bilateral trade, investment, and economic cooperation while reducing reliance on fossil fuels.

“Our agreements with these nations are crucial for fostering economic growth, bolstering supply chains, and ensuring the seamless flow of trade,” UAE Trade Minister Thani Al Zeyoudi said during Abu Dhabi Sustainability Week.

The UAE-Malaysia agreement includes plans to explore investments in data centers and artificial intelligence, alongside opportunities in logistics, ports, food security, and pharmaceuticals. Non-oil bilateral trade between the two countries totaled $4.9 billion in 2023 and $4 billion in the first nine months of 2024, according to UAE state media.

For Kenya, Zeyoudi highlighted the deal’s potential as a gateway to East Africa, positioning it as a foundation for broader agreements with the region.

Meanwhile, the UAE-New Zealand CEPA will eliminate duties on 98.5% of New Zealand exports immediately, with this figure rising to 99% within three years.

Looking ahead, Zeyoudi expressed optimism about commencing trade talks with the European Union in 2025, a move backed by several EU member states. The UAE’s bilateral negotiation strategy enables it to align economic and political priorities effectively while accelerating the pace of its trade objectives.

These agreements underscore the UAE’s commitment to fostering global partnerships and diversifying its economy to ensure sustainable growth.

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