UAE And New Zealand Discuss Enhancing Parliamentary Cooperation For Economic Growth

Saeed Rashid Al Abdi, Chairman of the Finance, Economy and Industry Committee at the Federal National Council (FNC), recently met with Tim van de Molen, Chair of Foreign Affairs, Defence and Trade Committee of the New Zealand Parliament. The meeting took place at the FNC headquarters in Abu Dhabi, with Tariq Ahmed Al Marzouqi, Assistant Secretary-General for Council Presidency Affairs of the FNC, also present.

The discussions highlighted the robust relationship between the UAE and New Zealand, which has evolved into a strategic partnership. This partnership spans various fields, particularly focusing on political and economic areas. Both sides emphasised their commitment to enhancing parliamentary cooperation through sharing expertise and practices.

The meeting explored ways to strengthen parliamentary collaboration in legislative matters. They focused on economic policies and laws that support sustainable investment. Flexible economic legislation was deemed crucial to align with growth trends and enhance partnership opportunities in key sectors for mutual prosperity.

Both parties discussed mechanisms to improve cooperation between their parliaments. This includes coordination in international forums on issues of shared interest. They aim to align their efforts with the level of bilateral relations between their countries.

Opportunities to expand economic cooperation were also addressed during the meeting. The signing of the Comprehensive Economic Partnership Agreement (CEPA) and the Investment Promotion and Protection Agreement were noted as significant steps forward. These agreements aim to boost sustainable investment in agriculture, services, technology, and renewable energy.

The agreements provide legal safeguards for investors, reinforcing mutual confidence between both nations. The comprehensive agreement aims to increase bilateral trade to over US$5 billion by 2032.

In summary, both sides affirmed their dedication to fostering a strong partnership across various sectors. They recognised that flexible legislation is essential for keeping pace with growth trajectories and strengthening opportunities for collaboration.

With inputs from WAM