GCC And New Zealand Finalise Trade Agreement To Enhance Economic Cooperation

The Minister of Commerce and Chairman of the General Authority for Foreign Trade, Dr. Majid Al-Kassabi, stated that the newly signed joint statement on the free-trade agreement (FTA) between the Gulf Cooperation Council (GCC) countries and New Zealand will boost trade and economic cooperation by removing barriers. His comments came during a signing ceremony in Doha, Qatar, held alongside the 67th GCC Cooperation Committee meeting.

Dr. Al-Kassabi highlighted that this agreement underscores the GCC's dedication to strengthening economic ties with New Zealand, which is seen as a promising market for Gulf products. He praised both parties for their efforts in finalising the agreement. The FTA aims to ease the movement of goods and services between the GCC and New Zealand by reducing customs duties, opening service markets, and fostering investment protection.

The agreement comprises 19 chapters covering various aspects such as goods, sanitary and phytosanitary measures, rules of origin, customs procedures, services, investment, and e-commerce. Other chapters address transparency, dispute resolution, competition, intellectual property rights, technical and economic cooperation, general provisions, institutional provisions, general cooperation, general exceptions, and final provisions.

The Saudi negotiating team is led by the General Authority of Foreign Trade (GAFT), which oversees trade negotiations to ensure they align with Saudi Arabia's trade objectives and policies. This team plays a crucial role in monitoring progress to maintain compatibility with national goals.

This FTA is expected to facilitate smoother entry for goods and services between these regions by eliminating or reducing tariffs. It also aims to open up markets for service provision while encouraging investments through protective measures.

Dr. Al-Kassabi expressed optimism about the potential benefits this agreement could bring to both regions' economies. By enhancing bilateral trade relations with New Zealand, GCC countries can tap into new opportunities for growth and collaboration.

With inputs from SPA