New Zealand reaches trade deal with Gulf states
2024.10.31 20:02
(Reuters) – New Zealand has reached a trade deal with the six-nation Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates, that Wellington said would open up major opportunities for exporters in the Middle East.
The trade pact would remove tariffs for 51% of New Zealand’s exports to the region from day one and deliver duty-free access for 99% of New Zealand’s exports over 10 years, New Zealand Trade Minister Todd McClay said in a statement late on Thursday.
“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 statement did not specify when the trade pact will become effective.
The agreement with the Gulf states comes after New Zealand reached a trade deal with the United Arab Emirates in September.
Trade between New Zealand and the GCC is worth more than NZ$3 billion ($1.79 billion) annually. The Pacific island nation exported NZ$2.6 billion to the Middle Eastern member countries in the year to June 2024, which included NZ$1.8 billion of dairy, official data showed.
($1 = 1.6734 New Zealand dollars)
