A just announced trade deal for New Zealand with the six-nation Gulf Cooperation Council has been heartily welcomed by Seafood sector representative body Seafood New Zealand.
The deal delivers duty free access for 99 percent of New Zealand's exports over 10 years.
Seafood New Zealand CEO Lisa Futschek says this supports the possibility of growing trade with Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
"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.
"These sorts of deals support our exporters and help build confidence in investment for the long term."
Aotearoa's seafood sector is worth just over $2 billion in export revenue. Government 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 (figures from MPI's SOPI report).
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. 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."
More details about the deal can be found here.
