People are pictured at the Dubai International Financial Centre in this November 10, 2013 file photo
IN PHOTO: People are pictured at the Dubai International Financial Centre in this November 10, 2013 file photo. Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word "Islam" from their names - a sign of both the potential of Islamic finance to grow, and the obstacles to it becoming mainstream. Reuters/Stringer

New Zealand and United Arab Emirates or UAE signed a slew of agreements when its foreign minister Shaikh Abdullah Bin Zayed Al Nahyan visited New Zealand on Thursday. The minister was accompanied by a big delegation.

The UAE Foreign Minister met his New Zealand counterpart Murray McCully and discussed matters of mutual interest. The Foreign minister also met Prime Minister John Key and expressed UAE’s keenness to promote bilateral cooperation and friendship with New Zealand. They discussed the scope of new opportunities to support the bilateral relations in more fields to serve the common interests of the two countries and peoples, reports Gulf News.

Mr John Key welcomed the visiting Foreign Minister and expressed the hope that his visit would yield positive results. The two sides explored opportunities to cooperate in investment, trade, tourism, agriculture and renewable energy projects. They also discussed ways to strengthen the strategic partnership and about encouraging new investment areas for the private sector, investors and businessmen in tourism, education and other fields.

Agreements Signed

Shaikh Abdullah and Murray McCully signed a few Memorandums of Understanding. One of them pertained to the establishment of a joint committee between the two countries and deals with diplomatic missions and their work. Another agreement was to augment cooperation in the field of higher education and scientific research. The two foreign ministers also discussed the latest regional and international developments and shared views on a number of issues.

They took stock of the progress in the preparedness to sign the proposed FTA between the Gulf Cooperation Council and New Zealand. Shaikh Abdullah expressed the hope that the agreement would strengthen economic relations and hasten exchanges between the GCC countries and New Zealand.

Education Pact

Among the various agreements signed between New Zealand and UAE, the one related to collaboration in education is significant. The agreement provides for collaborative projects in higher education and scientific research, according to Steven Joyce, Minister for Tertiary Education and Employment. The minister said the two countries agreed to encourage greater student exchanges and sharing of educational resources, reports Xinhua.

"The UAE is a close trading partner for New Zealand, accounting for nearly half of all exports sent to the Middle East. The agreement enables us to strengthen that trade relationship and create more opportunities for collaboration on education projects," Foreign Minister McCully said in a statement.

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