DOHA: Members of the Gulf Cooperation Council (GCC) Trade Cooperation Committee held meetings with UK Trade Minister Jonathan Reynolds and New Zealand Trade Minister Todd McClay in Doha Thursday, with Kuwait represented by a delegation led by Minister of Commerce and Industry Khalifa Al-Ajeel. At the meetings, the GCC reiterated its commitment to accelerate Free Trade Agreement (FTA) negotiations with the UK. New Zealand and the GCC also announced that they concluded negotiations on a trade agreement that will open up significant opportunities for both sides.
At the meeting with the New Zealand minister, Sheikh Mohammed mentioned that trade between the GCC and New Zealand amounted to approximately $2.9 billion in 2023. He noted that GCC exports to New Zealand reached $1.75 billion, while imports totaled $1.19 billion. He expressed confidence that these figures would see additional growth under the FTA once activated and thanked everyone involved in successfully negotiating the agreement between the GCC and New Zealand.
The New Zealand minister expressed happiness at celebrating the historic achievement of completing the FTA with the GCC. He stated that signing the FTA reflects the strong trade and economic relationship between the two parties and will remove barriers to enhancing trade between exporters on both sides. GCC Secretary-General Jasem Al-Budaiwi reiterated the GCC’s commitment to strengthening its economic and trade relations with global countries and blocs following the conclusion of the FTA negotiations with New Zealand.
He emphasized that this agreement represents a mutual desire to develop and deepen the excellent relations between them. He expressed hope that once the agreement takes effect, it would enhance trade exchange and economic cooperation between the two sides, increase investments, and expand cooperation in areas of mutual interest for the benefit and welfare of both peoples.
In his opening remarks at the UK meeting, Qatari Minister of Commerce and Industry Sheikh Mohammed bin Hamad expressed gratitude to Budaiwi and all working teams for their tireless efforts to conclude negotiations on the Free Trade Agreement (FTA) between the GCC and the UK, which aims to serve mutual interests. Sheikh Mohammed highlighted the importance of the FTA in reinforcing economic and trade relations between the GCC countries and the UK, urging continued dedication and flexibility to achieve the shared benefits sought by all parties.
He noted significant progress on many issues since negotiations with the UK began in 2022, emphasizing that "remaining issues should not hinder collective achievements but rather strengthen the resolve to achieve further successes.” He mentioned that trade between the GCC and the UK reached $31.7 billion, reflecting joint efforts and the vast potential for future growth under the FTA. The British minister expressed confidence in the negotiating team’s excellent work, emphasizing the importance of finalizing talks, especially given the alignment of trade and economic interests between the UK and the GCC. — KUNA