New Zealand Signs Trade Deal with GCC

New Zealand has finalized a significant free trade agreement with the Gulf Cooperation Council (GCC), marking the culmination of nearly two decades of negotiations. Trade Minister Todd McClay announced that the deal will eliminate tariffs on 51% of New Zealand's exports immediately and aims for duty-free access for 99% within ten years. This agreement, touted as the highest quality the GCC has ever made, will greatly benefit New Zealand's agricultural exporters, particularly in dairy, red meat, and horticulture, with exports valued at NZ$2.6 billion in the past year. It also includes provisions for streamlined customs, reduced trade barriers, and commitments to sustainable development and labor standards. The deal complements New Zealand’s prior agreement with the UAE, further enhancing trade opportunities in the region. Overall, the agreement is expected to foster significant growth in New Zealand's exports to the rapidly developing Gulf markets.