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GCC opens FTA talks with New Zealand

The GCC today opened the first round of talks with New Zealand over a free trade agreement (FTA) in the country’s capital of Wellington.

The negotiations will continue until for two days, with official FTA discussions starting tomorrow, reported AP.
Both sides are hoping an agreement will enhance trade between the two markets.

The GCC is one of New Zealand’s fastest growing markets and is currently New Zealand's seventh-largest trading partner, with exports to the region growing at an average of 10% annually.

New Zealand Trade Minister Phil Goff said the country’s exports to the GCC last year were worth nearly S$644 million, according to AP.

The Gulf are a particularly important market for New Zealand food and beverage, as well as technology and advanced industrial goods and services, Goff added.

He said New Zealand hoped the FTA would improve market access and get rid of trade barriers and in areas such as services and investment.

However, rules on company ownership and foreign investment in many GCC countries could be a stumbling block to negotiations.

These rules have previously been a sticking point in free trade agreements the GCC and its member states have tried to negotiate with the US and EU.

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