New Zealand has negotiated a free trade agreement (FTA) with Bahrain, Oman, Kuwait, Saudi Arabia, the United Arab Emirates and Qatar, Trade Minister Tim Groser said today.
"While there has been a real focus on the Asia-Pacific region of late, this FTA will provide a strong platform for export growth into a region that is likely to emerge strongly from the global recession," Mr Groser said.
"The agreement with the GCC (Gulf States Co-operation Council) offers valuable commercial advantages to New Zealand businesses."
Exports to the GCC totalled $1.3 billion in the year to June, an increase of 218 percent since 2000.
The group now ranks as New Zealand's seventh largest trading partner with bilateral trade worth $3.85b.
The FTA is likely to be signed in the first half of next year.
Business NZ welcomed the announcement and said the GCC represented an important and diverse trading partner.
"Both traditional and emerging New Zealand products and services stand to benefit, in particular food products, education, construction and building-related products, engineering services, agri-business and some specialised manufactured products," said Business NZ's export division manager Bruce Goldsworthy.
Meat and Wool New Zealand and the Meat Industry Association said it was very good news.
"New Zealand exporters of meat products and wool will know that the tariff-free access is secure," said Meat and Wool chairman Mike Petersen.
