Historic Free-Trade Agreement Signed Between GCC Countries and New Zealand
DOHA — In a groundbreaking move, the Gulf Cooperation Council (GCC) countries and New Zealand have officially inked a joint statement marking the conclusion of a free-trade agreement (FTA). This historic agreement is set to revolutionize bilateral trade and economic cooperation by dismantling trade barriers that have hindered growth for far too long.
The momentous signing ceremony took place in Doha, Qatar, amidst the hustle and bustle of the 67th GCC Trade Cooperation Committee meeting, setting the stage for a new era of economic collaboration.
Saudi Arabia’s dynamic Minister of Commerce, Dr. Majid Al-Qassabi, who also holds the prestigious title of Chairman of the General Authority for Foreign Trade, emphasized the profound significance of this agreement. He underscored the GCC’s unwavering commitment to fortifying economic ties with New Zealand, a burgeoning market ripe with potential for Gulf products to flourish.
Dr. Al-Qassabi lauded the tireless efforts of both parties in reaching this pivotal agreement, which promises to streamline the exchange of goods and services, slash customs duties, and catalyze investment between the GCC and New Zealand.
This all-encompassing FTA comprises 19 comprehensive chapters spanning a wide array of crucial topics, from goods and sanitary measures to rules of origin, customs procedures, services, investment, and the ever-expanding realm of e-commerce. Furthermore, it delves into transparency, dispute settlement mechanisms, intellectual property rights, and technical and economic cooperation, laying the groundwork for a robust framework that will propel cooperation to new heights.
The esteemed GCC Secretary-General, Jasem Albudaiwi, highlighted the burgeoning trade figures between the GCC and New Zealand, which soared to an impressive $2.9 billion in 2023. He also shed light on a strategic joint action plan spanning from 2020 to 2024, designed to foster collaboration across vital sectors such as agriculture, food security, transportation, tourism, and training.
Anticipation is high for the transformative impact of this agreement, which is poised to stimulate greater trade and investment flows while nurturing enhanced cooperation in key areas of mutual interest. — SG
