RIYADH: Trade Minister Todd McClay and his Saudi Arabian counterpart have agreed to work toward early completion of the Gulf Cooperation Council (GCC)–New Zealand Free Trade Agreement (FTA). The deal has been on hold for several years after Saudi Arabia withdrew its support over live sheep exports.
Mr McClay is leading a trade mission comprising 12 companies to Riyadh and jointly chaired the biennial Saudi-New Zealand Joint Ministerial Commission. He also opened the foundational meeting of the Saudi Arabia-New Zealand Business Council, which was established in April this year by the New Zealand Middle East Business Council and the Saudi Chambers of Commerce and Industry.
Bilateral meetings at ministerial level were held with the Deputy Crown Prince and Deputy Prime Minister; the Minister of Finance; the Minister of Commerce and Investment; the Minister of Education; the Minister of Agriculture, Water, and Environment; and the Deputy Minister of Economy and Planning. “This is an extremely pleasing outcome from my mission to Saudi Arabia. We can now see a way forward toward the completion of the FTA,” Mr McClay says. “The next step is for GCC countries to meet and for my officials to get together with the GCC Secretariat, as well as member countries, to finalise agreement.”
Two-way goods trade with the GCC region is worth over $3 billion annually, which includes over $1 billion of trade with Saudi Arabia. This makes the region New Zealand’s sixth largest trading partner. New Zealand exports approximately 5000 tonnes of beef to the kingdom each year while 3000 young Saudis are studying here.
