Council free trade agreement and boost investment flows between the economies.
Economic significance
Saudi Arabia represents a USD$3 trillion economy and ranks as a top 20 export market for New Zealand. The Gulf nation is considered one of the world’s most dynamic economies.
“Worth nearly USD$3 trillion, Saudi Arabia is a top 20 export market for New Zealand and one of the most dynamic economies in the world. The establishment of this Business Council is an important step in strengthening trade and investment links between our two countries,” McClay said.
The minister highlighted the timing significance with the pending free trade agreement completion.
“The upcoming conclusion of the free trade agreement with the Gulf Cooperation Council will open the door to significant new opportunities, particularly in Saudi Arabia. The Business Council will ensure New Zealand companies are ready to seize those opportunities, while also boosting investment flows between our two economies,” McClay said.