NZIBF Welcomes NZ/GCC FTA | Scoop News

Friday, 1 November 2024, 10:00 am
Press Release: NZIBF

Building on earlier negotiations with the United Arab
Emirates, New Zealand’s successful conclusion of
negotiations for a NZ/Gulf Co-operation Council Free Trade
Agreement should enable further expansion of trade with the
GCC’s six members in the Middle East, says the New Zealand
International Business Forum (NZIBF).

“The GCC
region is New Zealand’s seventh largest export
destination” said NZIBF Executive Director Stephen Jacobi.
“This new agreement, which has been under development for
some time, puts the final touch on the framework for
expanding trade ties in the region”.

The FTA, once
signed and entered into force, involves progressive but
significant market opening, moving to 99% tariff elimination
across all products over a period of ten
years.

“2024 continues to be challenging
for international trade, with many headwinds to free trade
around the world. We noted in September, when negotiations
on the UAE Closer Economic Partnership Agreement (CEPA) were
concluded, that a GCC agreement would be an even bigger
prize: this has been achieved with today’s
announcement”.

“”We see potential
to grow New Zealand exports to the GCC in the dairy, sheep
meat, seafood, horticulture and wood products sectors. There
is also increasing interest in vital services such as ICT,
education, environmental and professional services. There
are also new opportunities for GCC goods, services and
investment in our market”.

The FTA not only provides
better market access and trade facilitation for New Zealand
businesses in the Gulf region but also undertakings on
sustainable development and inclusion, which are a first for
the GCC.

“This agreement is testament to the
commitment of successive trade ministers and trade
officials, with protracted and complex negotiations taking
place over more than 15 years. We express our thanks to
Trade Minister Todd McClay and his officials for finally
bringing this important agreement home”, concluded Mr
Jacobi.

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