Doha, November 1, 2024 – In a landmark development for regional and international trade, the Gulf Cooperation Council (GCC) and New Zealand have finalized a comprehensive free-trade agreement, marking a significant step in the GCC's strategy to enhance economic ties with global partners. The agreement, which was formally announced by GCC Secretary-General Jasem Mohamed Albudaiwi, underscores a mutual commitment to advancing economic collaboration and opens new avenues for bilateral cooperation.
Speaking at the close of the 67th GCC Trade Cooperation Committee meeting in Doha, Secretary-General Albudaiwi expressed optimism about the future of GCC-New Zealand relations, highlighting the growing economic interaction between the two regions. He pointed out that bilateral trade between the GCC countries and New Zealand reached an impressive $2.9 billion in 2023, a testament to the robust nature of this partnership and its potential for growth.
Since 2020, both sides have engaged in a focused joint action plan to strengthen their ties. This comprehensive roadmap has included high-level political dialogue and collaborative initiatives across a range of sectors, such as trade and industry, investment, economic and financial cooperation, agriculture and food security, transportation, tourism, and workforce training and development. Each of these areas represents a critical component of the GCC's and New Zealand's economic priorities, with both sides eager to unlock new trade and investment opportunities.
Once in effect, the free-trade agreement is expected to significantly elevate the trade and investment flows between the GCC and New Zealand. Beyond increasing trade volumes, the agreement will also broaden cooperative frameworks in fields of mutual interest, providing a more dynamic platform for economic growth and reinforcing strategic partnerships that benefit both regions.
This milestone agreement not only bolsters the economic potential of the GCC and New Zealand but also serves as a model for the GCC's approach to international economic engagement. By reinforcing its network of global trade partners, the GCC is paving the way for an era of increased prosperity and cooperation, aligned with its broader economic vision for the region.