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New Zealand steps up Gulf trade deal bid with UAE agreements

Xinhua, September 27, 2016 Adjust font size:

New Zealand is deepening its commercial links with the United Arab Emirates (UAE) as it steps up efforts to secure a free trade deal with the Gulf Cooperation Council.

Trade Minister Todd McClay, who is leading a business delegation to the UAE and Saudi Arabia, said in a statement from his office Tuesday that the two governments were committed to growing the trade relationship further.

The UAE was the gateway for many New Zealand businesses into the Middle East and North Africa, and New Zealand's 11th largest trading partner with two-way goods trade of around 1.3 billion NZ dollars (945.88 million U.S. dollars).

McClay said the Dubai Chamber of Commerce had agreed to establish a New Zealand-Dubai Business Council by the end of this year.

"This is a significant opportunity for New Zealand companies. The Dubai Chamber of Commerce has more than 170,000 members, and has agreed to give a renewed priority to our relationship," said McClay.

"I have also asked officials to work on two opportunities for New Zealand. The first is a New Zealand trade day to pitch Kiwi business to Dubai Chamber members. The second is for the Dubai Chamber of Commerce to organize a business mission to New Zealand to explore new trade and investment opportunities."

McClay also visited Sharjah where areas for cooperation with the UAE's third largest emirate were identified in education, healthcare and environmental planning and protection.

UAE Minister of Cabinet and Future Affairs Mohammed Al Gergawi and Minister of Economy Sultan Al Mansouri confirmed in talks that they remained committed to enhance bilateral trade and investment, said McClay.

McClay is hoping press home a free trade deal with the Gulf Cooperation Council that has been under negotiation since 2009.

Last week New Zealand Prime Minister John Key held talks at the United Nations in New York with Saudi Arabian Deputy Prime Minister Prince Mohammed Bin Nayef Bin Abdulaziz Al Saud on the ongoing negotiations.

Radio New Zealand reported that Key said after the talks that he thought the trade deal was gathering momentum and could be completed next year.

Last year, Key visited the Gulf Cooperation Council states, and said Saudi Arabia was going to be the stumbling block to the deal.

It is believed that Saudi government took umbrage over New Zealand's ban on exports of live sheep a trade in which Saudi businesses had invested heavily.

However, a controversial New Zealand government-funded agri-hub, including live New Zealand sheep, established in Saudi Arabia in 2013 had helped clear the way for a free trade deal, Key said.

The Gulf Cooperation Council, comprising Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman, is New Zealand's sixth largest export partner, with annual exports worth over 1.7 billion NZ dollars (1.23 billion U.S. dollars).Endit