New Zealand is the latest country to sign an economic partnership with the United Arab Emirates.
New Zealand 's prime minister told CNBC that the South Pacific island nation has to look beyond its own backyard for trade opportunities.
The free trade agreement, known formally as the Comprehensive Economic Partnership Agreement , is seen by Prime Minister Christopher Luxon as a chance to expand bilateral trade between the countries and makes the UAE one of the island's largest markets in the Middle East. "This includes all New Zealand's dairy, red meat, horticultural and industrial products immediately when the Agreement enters into force," it noted.
New Zealand is in need of an economic boost after its economy contracted last year and entered recession territory in the third quarter. The economy shrunk by 1% in the July-September quarter,The fall followed a 1.1% contraction in the previous quarter. Two straight quarters of negative growth is widely considered a technical recession.
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