WELLINGTON – The United Arab Emirates (UAE) and New Zealand have affirmed their commitment to expand bilateral relations in trade, economic and investment sectors. The initiative occurred at the fourth meeting of the joint economic committee, co-chaired by UAE's Minister for Economy Sultan Saeed Al Mansouri, and New Zealand's Trade Minister Tim Groser. In his opening remarks, the UAE minister said the meeting aimed at leveraging mechanisms of joint cooperation in vital sectors of interest for both countries, particularly in technology, innovation, knowledge-based economy, small and medium enterprise (SMEs), renewable energy, petrochemicals, health, food and tourism. “The UAE is progressing ahead confidently towards building an economy that is based on knowledge, innovation and human capital,” Al Mansouri said. Groser stressed at the importance of his country's ties with the UAE, given its strategic investment destination, political stability, respected international player, an important financial hub and a trade gateway to Arab world and the Far East. New Zealand's exports to the UAE have grown significantly over the past decade, reaching NZ$611 million in 2012, the minister said. New Zealand also expressed its support for the UAE.'s initiative to launch a national center for innovation. The two sides have agreed to hold the 5th meeting of the committee in Abu Dhabi in 2015. New Zealand's trade deficit narrowed more than expected last September as the nation exported more milk powder, butter and cheese while imports fell. The deficit was $199 million in September, down from a revised gap of $1.23 billion in August, according to Statistics New Zealand. The annual deficit was $1.54 billion, from $2.1 billion the previous month. A monthly deficit of $750 million was expected for an annual gap of $2.12 billion, based on a Reuters forecast. The New Zealand dollar recently traded at 84.13 US cents, from 83.93 cents immediately before the 10:45am release of the report. Exports in September rose 17 percent to $3.8 billion, led by a 52 per cent rise in the value of milk powder, butter and cheese which were at their highest level for a September month due to increased exports to China. — IANS/WAM
