Wellington, Oct 26 (IANS/WAM): The United Arab Emirates (UAE) and New Zealand have affirmed their commitment to expand bilateral relations in trade, economic and investment sectors.

This was agreed 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 centre for innovation.

The two sides have agreed to hold the 5th meeting of the committee in Abu Dhabi in 2015.