It’s been a busy but tough year for trade. Read our end-of-year roundup by Executive Director Stephen Jacobi.
NZ/GCC FREE TRADE AGREEMENT – EXPANDING OPPORTUNITIES IN THE GULF
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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