After two decades of negotiations, New Zealand has finalized a trade agreement with the Gulf Cooperation Council (GCC). The pact will guarantee duty free access for 99% of New Zealand’s exports to the region over 10 years and eliminate tariffs for 51% of shipments from day one.
The announcement was made by New Zealand’s Trade Minister, Todd McClay. “Successfully concluding a trade agreement with the GCC has been a longstanding ambition for successive governments for almost two decades,” McClay said in Doha.
The agreement comes less than two months after New Zealand signed a trade pact with the United Arab Emirates in September.
Trade between New Zealand and the GCC is worth more than NZD 3 billion (USD 1.79 billion) annually. In the year to June 2024, the Pacific nation exported NZD 2.6 billion (USD 1.55 billion) to member countries in the Middle East, including NZD 1.8 billion (USD1.1 billion) in dairy, NZD 260 million (USD 155 million) in red meat, and NZD 72 million (USD 43 million) in horticultural products.
The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The New Zealand government has not specified when the agreement will take effect.