FTA to increase New Zealand exports to the GCC to NZ$4b
MINISTER SAYS PACT WITH GULF COUNTRIES WOULD BOOST REGIONAL TRADE
Afree-trade agreement (FTA) with the Gulf Cooperation Council (GCC) could double New Zealand exports to the GCC to 4 billion New Zealand dollars within 10 years, Tim Groser, New Zealand Minister of Trade, told reporters in Dubai yesterday.
New Zealand’s exports to the GCC are currently valued at NZ$1.9 billion (Dh5.29 billion) with the GCC bloc, which includes the UAE, representing New Zealand’s fifth largest trading partner.
An FTA is likely to encourage investment and boost trade by removing tariffs and fostering freer trade flows.
Groser said he was “confident” a deal would be reached “as soon as possible,” however, admitted it would not happen on this visit.
Delegation
He was in the UAE yesterday as part of a New Zealand government delegation headed by Prime Minister John Key.
It is the first time Key, who officially opened the Consulate General Office in Dubai and the Northern Emirates at Emirates Towers yesterday, has visited the region as prime minister.
New Zealand and the GCC have agreed to terms of the FTA, Groser said, however, he also said legal experts from both sides need to meet and agree “the texts in Arabic and English are equivalent”.
Three previous meetings between New Zealand and GCC legal experts have been postponed and there are no experts
New Zealand and the GCC have agreed to terms of the FTA, Groser said, however, he also said legal experts from both sides need to meet and agree “the texts in Arabic and English are equivalent”.
in the New Zealand delegation, Groser said.
Earlier, Key said there were opportunities to increase food exports, New Zealand is the world’s largest exporter of lamb, and said there were opportunities in the education, information technology and consulting services sectors. Groser said he expected halal exports to the region to increase.
The bulk of NZ-GCC trade is currently made up of New Zealand exports of sheep and imports of hydrocarbons.
Following the opening of the consulate, agreements were signed between New Zealandbased Orion Health and UAE’s Emirates Health Informatics Society (eHIS) and between Aotearoa Fisheries Limited and Awqaf and Minors’ Affairs Foundation.
Key, later speaking at business lunch with Sultan Al Mansouri, the UAE Minister of Economy, in attendance, thanked the UAE for its support of the FTA, and said that reaching an agreement would significantly deepen relations. “I would like to see the completion of the FTA,” he said.
Today the New Zealand delegation heads to Saudi Arabia where the prime minister is expected to meet with Saudi King Salman Bin Abdul Aziz. The delegation will also visit Kuwait.
Current value of New Zealand’s exports to the GCC.