A trade deal between New Zealand with the six nations of the Gulf Cooperation Council is expected to deliver duty free access for 99% of New Zealand’s exports over 10 years.
‘With seafood exports to these countries worth $14 million in 2023, there is plenty of room for growth. The deal gives us duty-free access for 95.5% of seafood products by year five,’ said Seafood New Zealand CEO Lisa Futschek of the opportunities to increase trade with Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, stating that the deal eliminates tariffs on key products such as mussels, and there is expected to be duty-free access for 95.5% of NZ fish and seafood products by year five.
‘These sorts of deals support our exporters and help build confidence in investment for the long term.’
The NZ seafood sector is worth just over $2 billion in export revenue. Projections show that demand is forecast to remain strong in the 2024/25 year and that this should boost export revenue to $2.5 billion.
Lisa Futschek also hailed the standards committed to in the free trade agreement.
‘We are very pleased to see the commitments to human capital and labour standards as well as to women’s economic empowerment and the recognition of the Treaty of Waitangi Exception,’ she said.
‘Plus it is very pleasing to see that commitments to climate change objectives are recognised. New Zealand’s seafood industry has a very small carbon footprint compared to other types of protein production.’
