New Zealand inks crucial trade deal with six-nation Gulf Cooperation Council
New Zealand has sealed a major trade deal with the six-nation Gulf Cooperation Council (GCC), which includes Saudi Arabia and the UAE.
The agreement is expected to open up significant opportunities for Kiwi exporters in the Middle East, with tariffs removed for 51% of New Zealand’s exports to the region from day one.
Over the next decade, 99% of New Zealand’s exports will enjoy duty-free access, making it easier for businesses to trade with the GCC countries.
The trade pact is a result of almost two decades of negotiations, and New Zealand Trade Minister Todd McClay has hailed it as a “long-standing ambition” for successive governments.
“Successfully concluding a trade agreement with the GCC has been a long-standing ambition for successive governments for almost two decades,” McClay said in Doha.
The agreement follows a similar trade deal with the UAE in September, which aims to advance bilateral trade flows and remove trade barriers.
New Zealand’s trade with the GCC is substantial, valued at over NZ$3 billion ($1.79 billion) annually. In the year to June 2024, New Zealand exported NZ$2.6 billion to the Middle Eastern member countries, with dairy products accounting for NZ$1.8 billion.
The GCC’s secretary general, Jasem Mohamed Albudaiwi, expects the trade pact to drive economic growth and development in both regions.
