The Gulf Cooperation Council (GCC) countries and New Zealand have signed a joint statement concluding a free-trade agreement (FTA) to improve bilateral trade and economic cooperation removing any obstacles.
Saudi Arabia Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade Dr. Majid Al-Kassabi indicated that the signing of the agreement reflects the commitment of the GCC countries to strengthening their economic relations with New Zealand, as it is a promising market for Gulf products. He commended the efforts exerted by both sides in signing the agreement.
New Zealand Trade Minister Todd McClay said in a statement that “the trade pact would remove tariffs for 51 percent of New Zealand’s exports to the region from day one, and when combined with our recently concluded NZ-UAE CEPA, 51 percent of our exports to the region will be tariff-free from day one.”
The FTA aims to facilitate the entry of goods and services between the GCC countries and New Zealand by eliminating and reducing customs duties on goods, opening the market to provide services, and encouraging and protecting investments.
The agreement consists of 19 chapters, most notably: goods, sanitary and phytosanitary measures, rules of origin, customs procedures, services, investment, and e-commerce. Chapters also include transparency, dispute settlement, competition, intellectual property, technical and economic cooperation, general provisions, institutional provisions, general cooperation, general exceptions, and final provisions.
The Saudi negotiating team, headed by the General Authority of Foreign Trade (GAFT), works to oversee and follow up on the progress of trade negotiations to ensure their compatibility with Saudi trade goals and policies.
