GCC And New Zealand Strengthen Economic Relations With New Free Trade Agreement

Dr. Majid Al-Kassabi, Minister of Commerce and Chairman of the General Authority for Foreign Trade, announced that the Gulf Cooperation Council (GCC) countries and New Zealand have signed a joint statement concluding a free-trade agreement (FTA). This agreement aims to boost trade and economic cooperation by removing barriers. Dr. Al-Kassabi made these remarks during the signing event in Doha, Qatar, alongside the 67th GCC Cooperation Committee meeting.

The FTA is designed to ease the movement of goods and services between the GCC nations and New Zealand. It seeks to eliminate or reduce customs duties on products, open markets for service provision, and promote investment protection. The agreement comprises 19 chapters covering various areas such as goods, sanitary measures, rules of origin, customs procedures, services, investment, and e-commerce.

Dr. Al-Kassabi highlighted that this agreement demonstrates the GCC's dedication to strengthening economic ties with New Zealand. He noted that New Zealand represents a promising market for Gulf products. The minister praised both parties for their efforts in finalising this significant agreement.

The chapters within the FTA also address transparency, dispute resolution, competition policies, intellectual property rights, technical cooperation, institutional provisions, general cooperation terms, exceptions, and final provisions. These comprehensive chapters aim to ensure smooth trade relations between the involved parties.

The Saudi negotiating team is led by the General Authority of Foreign Trade (GAFT). They are responsible for overseeing and monitoring trade negotiations to align them with Saudi Arabia's trade objectives and policies. This ensures that Saudi interests are well-represented in international agreements.

The signing of this FTA marks a significant step towards enhancing bilateral trade relations between the GCC countries and New Zealand. By facilitating easier access to each other's markets, both regions can expect increased economic collaboration and mutual benefits from this partnership.

With inputs from SPA