Dr. Majid Alkassabi, Minister of Commerce and Chairman of the board of directors of the General Authority for Foreign Trade, confirmed that the signing of the joint statement on the conclusion of the free-trade agreement (FTA) between the Gulf Cooperation Council (GCC) countries and New Zealand contributes to enhance bilateral trade and economic cooperation, and remove obstacles.
Alkassabi indicated that the signing of the joint statement reflects the commitment of the GCC countries to enhance the economic relations with New Zealand, as it is a promising market for Gulf products, and he commended both sides' efforts in signing the joint statement.
The agreement aims to facilitate the entry of goods and services between the GCC countries and New Zealand by removing and reducing tariffs on goods, opening the market for service access, and encouraging and protecting investments.
The agreement consists of 19 chapters: goods, sanitary and phytosanitary measures, rules of origin, customs procedures, services, investment, and e-commerce, transparency, conflict resolution, competition, intellectual property, technical and economic cooperation, general provisions, institutional provisions, general cooperation, general exceptions, and final provisions.
The Saudi negotiating team, headed by the General Authority of Foreign Trade, works to oversee and follow up on the progress of trade negotiations to ensure their compatibility with Saudi trade goals and policies.
The joint statement on the conclusion of the GCC-New Zealand Free Trade Agreement was signed on the sidelines of the 67th GCC Trade Cooperation Committee meeting in Doha, Qatari.