New Zealand and the six-nation Gulf Cooperation Council (GCC) have concluded negotiations on a trade agreement that will open up significant opportunities for New Zealand exporters in the Gulf region, Minister for Trade and Agriculture Todd McClay announced from Doha today.
Today's announcement follows significant re-engagement with the GCC following meetings with GCC Ministers at the WTO Ministerial Meeting in Abu Dhabi in February of this year and delivers on an 18-year-long ambition for New Zealand to agree to this high-quality trade deal in the Middle East.
"This is the highest quality deal the GCC has done to date and its first with a major agricultural exporter," Mr McClay said. "It delivers duty-free access for 99 percent of New Zealand's exports over 10 years and when combined with our recently concluded NZ-UAE CEPA, 51 percent of our exports to the region will be tariff-free from day one.
New Zealand and GCC trade is worth over $3 billion annually, with New Zealand exporting $2.6 billion in the year to June 2024. This includes $72 million in horticulture. The agreement includes provisions that will make doing business easier with preferential access for our primary sector exporters, streamlined customs processes, reduced trade barriers, and commitments to level the playing field for Kiwi services businesses entering the market.
The agreement also includes chapters and provisions on intellectual property, transparency trade, and sustainable development including labor standards, climate, and women's economic empowerment committing to the Convention on the Elimination of All Forms of Discrimination against Women (CEDAW). New Zealand has also secured our Treaty of Waitangi exception to allow us to meet treaty obligations.
"This agreement complements the NZ-UAE CEPA that was announced in September, and together they represent an important milestone in the Government's efforts to grow our international connections and double exports by value in 10 years," Mr McClay says. "Successfully concluding a trade agreement with the GCC has been a long-standing ambition for successive governments for almost two decades. Growing New Zealand's trade relationships is part of our plan to grow the economy, lift incomes for Kiwis, and create jobs."
For more information:
Hon Todd McClay
Beehive
Email: [email protected]
www.beehive.govt.nz