New Zealand's Landmark Trade Pact with GCC Offers New Export Horizons

New Zealand finalizes a trade agreement with the GCC, promising increased export opportunities in the Middle East. The deal immediately removes tariffs on 51% of exports, expanding to 99% duty-free access over ten years. This agreement aims to enhance NZ$3 billion annual trade with GCC nations.

New Zealand has successfully inked a trade deal with the Gulf Cooperation Council (GCC), which includes major players like Saudi Arabia and the United Arab Emirates. This agreement is set to unlock significant opportunities for Kiwi exporters targeting the Middle Eastern market.

The pact promises to eliminate tariffs on 51% of New Zealand's exports from the outset and aims for duty-free access on 99% of exports over a decade. New Zealand's Trade Minister Todd McClay made the announcement, highlighting that the successful negotiation of a trade agreement with the GCC has been an objective for successive New Zealand governments for nearly twenty years.

Despite not specifying an effective date, this agreement follows New Zealand's recent trade deal with the United Arab Emirates. Trade figures reveal that New Zealand conducts over NZ$3 billion worth of commerce with the GCC annually, with dairy products making up a significant portion of the NZ$2.6 billion exported to these nations in the year ended June 2024.

(With inputs from agencies.)