DOHA — The Gulf Cooperation Council (GCC) countries and New Zealand have signed a joint statement concluding a free-trade agreement (FTA) aimed at enhancing bilateral trade and economic cooperation by eliminating trade barriers.
The signing ceremony took place in Doha, Qatar, on the sidelines of the 67th GCC Trade Cooperation Committee meeting.
Saudi Arabia’s Minister of Commerce Dr. Majid Al-Qassabi, who is also the Chairman of the General Authority for Foreign Trade, emphasized that the agreement underscores the GCC’s commitment to strengthening economic ties with New Zealand, a promising market for Gulf products.
He praised the collaborative efforts of both sides in reaching the agreement, which will facilitate goods and services exchange, reduce customs duties, and promote investment between the GCC and New Zealand.
The comprehensive FTA includes 19 chapters covering goods, sanitary and phytosanitary measures, rules of origin, customs procedures, services, investment, and e-commerce. It also addresses transparency, dispute settlement, intellectual property, and technical and economic cooperation, signaling a robust framework for expanded cooperation.
GCC Secretary-General Jasem Albudaiwi noted that trade between the GCC and New Zealand reached $2.9 billion in 2023, and he highlighted a joint action plan from 2020 to 2024 that fostered cooperation in sectors including agriculture, food security, transportation, tourism, and training.
The agreement is expected to increase trade and investment flows, broadening cooperation in key areas of mutual interest. — SG