New Zealand, Gulf states open free trade deal talks
The Associated Press | July 25, 2007
New Zealand, Gulf states open free trade deal talks
WELLINGTON, New Zealand: A first round of talks for a free trade agreement between New Zealand and the six-nation Gulf Cooperation Council opened Wednesday in the New Zealand capital, Trade Minister Phil Goff said.
The Gulf states - Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman - collectively are New Zealand’s seventh-largest trading partner and both sides believe a free trade deal will enhance trade.
"New Zealand exports to the GCC states last year were worth nearly 800 million" New Zealand dollars (US$644 million; €466 million), making the area "one of our (New Zealand’s) fastest growing markets," Goff said.
New Zealand exports to the Gulf region have grown an average 10 percent a year over the past six years, faster than its export growth globally.
Gulf states are a big market for New Zealand food and beverage, with technology and advanced industrial goods and services, including education and tourism, an important part of the relationship, Goff said in a statement.
New Zealand hoped the outcome will protect and expand its market share, eliminate barriers to trade and improve market access in areas such as services and investment, he added.
The first round of negotiations, from July 25-27, opened with talks between New Zealand negotiators and business interests. FTA discussions at official level begin on July 26.
