Monday, 03 October 2016 09:22

Way forward to complete Gulf FTA

Written by 
Trade Minister Todd McClay. Trade Minister Todd McClay.

The Gulf Cooperation Council — New Zealand free trade agreement will be completed early.

Trade Minister Todd McClay and his Saudi Arabian counterpart, the Minister of Commerce and Investment, have agreed to work towards early completion of the Gulf Cooperation Council (GCC) — New Zealand free trade agreement (FTA).

"This is an extremely pleasing outcome from my mission to Saudi Arabia. We can now see a way forward towards the completion of the FTA," says McClay.

"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 (our sixth largest trading partner) is worth over $3 billion annually, which includes over $1 billion of trade with Saudi Arabia.

New Zealand exports about 5000 tonnes of beef to the Kingdom each year and accommodates around 3000 Saudi students who currently study in New Zealand.

"There is clear enthusiasm about the potential for greater cooperation between our highly complementary economies, especially in education and food security,” says McClay.

McClay's two day visit was to jointly chair the biennial Saudi-New Zealand Joint Ministerial Commission. He also held bilateral meetings 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.

In Riyadh McClay 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.

This Business Council provides a regular forum for discussion and promotion of economic, industrial and technological co-operation between New Zealand and Saudi companies.

“Today’s foundation meeting of the Business Council marks an important milestone in New Zealand and Saudi Arabia’s relationship."

McClay visited Riyadh accompanied by 12 New Zealand companies pursuing joint business opportunities in the Gulf.

More like this

Changing global trade ties

OPINION: I recently returned from a market visit overseas, including the United Kingdom and Europe. These are critical, historically important and increasingly high value markets for our red meat exports.

Editorial: KiwiSaver to the rescue?

OPINION: Farmers are rightly urging the Government to relax the rules around KiwiSaver and allow young farmers to use their savings towards purchasing either a house, cows or a farm.

Featured

LIC Space folds for good

Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.

Editorial: Time for common sense

OPINION: The case of four Canterbury high country stations facing costly and complex consent hearing processes highlights the dilemma facing the farming sector as the country transitions into a replacement for the Resource Management Act (RMA).

National

Machinery & Products

Calf feeding boost

Advantage Plastics says it is revolutionising calf meal storage and handling, making farm life easier, safer, and more efficient this…

JD's precision essentials

Farmers across New Zealand are renowned for their productivity and efficiency, always wanting to do more with less, while getting…

» Latest Print Issues Online

The Hound

Are they serious?

OPINION: The Greens aren’t serious people when it comes to the economy, so let’s not spend too much on their…

A hurry up!

OPINION: PM Chris Luxon is getting pinged lately for rolling out the old 'we're still a new government' line when…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter