SYDNEY: According to Wellington, New Zealand’s trade agreement with the Gulf Cooperation Council, a group of six countries that includes Saudi Arabia and the United Arab Emirates, will create significant prospects for Kiwi exporters in the Middle East. In a statement released late Thursday, New Zealand Trade Minister Todd McClay stated that the trade agreement would grant duty-free access to 99 percent of New Zealand’s exports over a ten-year period and eliminate tariffs on 51 percent of New Zealand’s exports to the area on day one.
“For nearly twenty years, successive governments have aimed to successfully conclude a trade agreement with the GCC,” McClay stated in Doha. The trade agreement’s implementation date was not included in the statement. The Gulf states’ accord follows New Zealand’s September trade agreement with the United Arab Emirates.
The annual value of trade between New Zealand and the GCC exceeds NZ$3 billion ($1.79 billion). According to official data, the Pacific island nation sold NZ$1.8 billion worth of dairy products to the Middle Eastern member countries in the year ending June 2024, totalling NZ$2.6 billion.
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