Doha (Agencies): New Zealand has reached a significant trade deal with the six-nation Gulf Cooperation Council (GCC), which includes Saudi Arabia and the UAE, according to a statement by New Zealand Trade Minister Todd McClay. The agreement, announced on October 31, 2024, aims to open up major opportunities for Kiwi exporters in the Middle East.
The trade pact will remove tariffs for 51% of New Zealand’s exports to the region from day one and deliver duty-free access for 99% of New Zealand’s exports over 10 years. Trade between New Zealand and the GCC is worth more than NZ$3 billion ($1.79 billion) annually, with New Zealand exporting NZ$2.6 billion to the Middle Eastern member countries in the year to June 2024, including NZ$1.8 billion of dairy products.
Prime Minister Abiy Ahmed described the agreement as a long-standing ambition for successive governments and a major step towards growing New Zealand’s trade relationships.
The deal follows a recent trade agreement with the UAE in September 2024.