New Zealand exporters looking for new markets in the Middle East will benefit from a new free trade agreement successfully negotiated between New Zealand and the Gulf Cooperation Council (GCC).

Trade Minister Tim Groser announced today negotiations between New Zealand and the GCC – made up of Bahrain, Oman, Kuwait, Saudi Arabia, the UAE and Qatar - had now concluded after six rounds

Negotiations between the two groups have been running since 2007 and the agreement should be signed in the first half of 2010.

The exact details of the agreement remain a mystery at this stage, with officials still needing to complete the legal verification process before the details are made public.

But Mr Groser said the free trade agreement was a “significant achievement” for New Zealand and secured new and improved access into some of the country’s most important Middle East markets, which looked likely to emerge strongly from the global recession.

“Exports to GCC totalled $NZ1.3 billion in the year to June 2009, an increase of 218% since 2000. The group now ranks as our seventh largest trading partner with bilateral trade worth $3.85 billion.

“The agreement with the GCC offers valuable commercial advantages to New Zealand businesses leading to a stronger and more diversified presence in both the GCC states and the wider Middle East,” Mr Groser said.

He said while the major exports to the region were dominated by primary sector products such as dairy, sheep meat, and wood, there was a strong interest in critical services areas such as ICT, education, environmental and professional services.