The GCC trade agreement is positive for New Zealand's red meat sector

Published 2024년 11월 4일

Tridge summary

New Zealand has secured a trade deal with the Gulf Cooperation Council (GCC) countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, to eliminate tariffs on red meat exports over the next 10 years. Currently, these exports are valued at $245 million annually, with tariff costs at $7.5 million. This deal taps into a high-value market, with the GCC projected to grow in beef and sheepmeat consumption due to population growth, increasing incomes, and tourism development. The agreement also provides New Zealand, a major halal market, with a competitive advantage as no other significant red meat exporters have similar agreements with the GCC.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The deal eliminates tariffs on red meat exports to a range of countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE within 10 years. In the year to September, New Zealand’s red meat exports to this region were worth $245 million, with current tariff costs of $7.5 million. Kate Acland, Chair of Beef + Lamb New Zealand (B+LNZ), said the region is a high-value market so improving access for farmers’ products is great news. "The GCC is forecast to be one of the fastest-growing regions for beef and sheepmeat consumption due to its population growth, rising incomes, and rapidly developing tourism sector. "This agreement comes hard on the heels of a trade deal with the UAE. Trade is the life blood of our sector and any move to make it easier to export is welcome". Nathan Guy, Independent Chair of the Meat Industry Association (MIA) said exporters will be delighted. "The GCC is one of our largest halal markets and the agreement provides new avenues for growth and ...

Source: EuroMeat