New Zealand's Trade Deal with the Gulf Cooperation Council

(Reuters) – New Zealand has reached a trade deal with the six-nation Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates. Wellington stated that this deal will open up significant 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 will eventually provide duty-free access for 99% of New Zealand's exports over the next 10 years, according to New Zealand Trade Minister Todd McClay's statement made late Thursday.

> "Successfully concluding a trade agreement with the GCC has been a long-standing ambition for successive governments for almost two decades," said McClay in Doha.

The statement did not specify when the trade pact will become effective.

This agreement with Gulf states follows New Zealand's earlier trade deal with the United Arab Emirates in September.

Trade between New Zealand and the GCC amounts to more than NZ$3 billion (about $1.79 billion) annually. In the year leading up to June 2024, New Zealand exported NZ$2.6 billion to the Middle Eastern member countries, which included NZ$1.8 billion in dairy products, according to official data.

> ($1 = 1.6734 New Zealand dollars)