Dubai (TDI): The United Arab Emirates signed trade deals with Malaysia, Kenya and New Zealand on Tuesday, the final step before the agreements can be ratified and implemented, as part of efforts by the Gulf state to strengthen its post-oil economy plans.
Since 2021, the UAE has initiated a raft of bilateral trade, investment and cooperation agreements – called Comprehensive Economic Partnership Agreements – to reduce its dependence on fossil fuels and enhance long-term growth prospects, according to Reuters.
So far it has negotiated agreements with nations ranging from India and Indonesia to previous political foes Israel and Turkiye, as well as smaller countries across continents.
“Today we signed three deals. Those countries are the ones that are looking at liberalisation as a tool to continue the development of their economies, continue supporting the supply chain, and ensuring that trade flow between countries is continuing,” Thani Al Zeyoudi, the UAE’s trade minister said.
Zeyoudi added that discussions with Malaysia included potential investments in data centres and artificial intelligence (AI), which will complement the CEPA, while logistics and ports, food security and pharmaceuticals are also planned sectors for trade.
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Non-oil bilateral trade hit $4.9 billion in 2023 and stood at $4 billion in the first 9 months of 2024, according to figures released by state news agency WAM.
Zeyoudi said Kenya will be a gateway to East Africa for the UAE and would provide a basis for further and bigger deals with the whole bloc, which he stated would start immediately.
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The UAE-New Zealand trade agreement will remove duties on 98.5 percent of New Zealand’s exports, with that proportion expected to rise to 99 percent within three years.
