GCC signs Free Trade Agreement with New Zealand
After long negotiations, the countries of the Gulf Cooperation Council (GCC) and New Zealand have reached a free trade agreement.
In a press statement, Jasem Mohamed AlBudaiwi, Secretary General of the GCC, announced the conclusion of negotiations and the finalisation of a free trade agreement between the GCC and New Zealand.
He said this reflects the GCC’s commitment to strengthening its economic and trade ties with global countries and blocs.
A joint statement from the GCC Trade Cooperation Committee meeting held in Doha, attended by trade ministers from all the GCC countries, confirmed the conclusion of the negotiations with New Zealand.
The agreement aims to facilitate the movement of goods and services between the GCC countries and New Zealand by reducing or eliminating customs duties, opening markets for services and encouraging and protecting investments.
The agreement covers many significant areas, including political dialogue, trade, industry and investment, economic, financial and monetary cooperation, agriculture and food security, transport and communications and tourism, as well as training and development.
Its 19 chapters cover goods, sanitary and phytosanitary measures, rules of origin, customs procedures, services, investment, and e-commerce. The agreement also addresses transparency, dispute resolution, competition, intellectual property rights, technical and economic cooperation, general provisions, institutional provisions, general cooperation, general exceptions and final provisions.
The GCC Secretary General said that the agreement reflects the shared desire of both sides to develop and deepen their distinguished relations.
Trade between the GCC countries and New Zealand reached approximately USD 2.9 billion (about OMR 1.115 billion) in 2023, with GCC exports at USD 1.75 billion (around OMR 675 million) and imports at USD 1.19 billion (around OMR 469 million).
The GCC Secretary General expressed the hope that, upon its implementation, this agreement will boost trade and economic cooperation, increase investments and expand areas of mutual cooperation, benefiting the people of both sides and serving their shared interests.