New Zealand and the Kingdom of Saudi Arabia Promote Closer Trade
Joint Statement issued by the New Zealand Minister of Trade, Hon Todd McClay and the Minister of Commerce and Investment of the Kingdom of Saudi Arabia, HE Majed AlKasabi.
The New Zealand Trade Minister, Hon Todd McClay, who is visiting Riyadh today met with Minister of Commerce and Investment, H.E Majed AlKasabi. During the visit, both sides noted the increasingly closer and growing economic ties between New Zealand and the Kingdom.
H.E. AlKasabi briefed the New Zealand Trade Minister on the detail of the Kingdom’s 2030 Vision and National Transformation Program and explained how the Government of Saudi Arabia was actively implementing new methods of diversifying the economy and increasing business efficiency. Minister McClay noted that the New Zealand Government was very open to finding opportunities to increase trade and investment between the two countries.
Hon Todd McClay and H.E. AlKasabi observed that Saudi Arabia and New Zealand were complementary trading partners and spoke positively about the trading relationship and the growing food security partnership between New Zealand and Saudi Arabia. The Ministers noted that the trade relationship would continue to deepen and expand once the GCC/NZ Free Trade Agreement is finalized and comes into force, and both sides expressed pleasure with the progress being made to this end and agreed to continue efforts to achieve its early completion.
Both Ministers expressed pleasure with the launch of the Saudi Arabia / New Zealand Business Council this year and noted the establishment of the new Council was yet another concrete example of the broadening bilateral trading relationship.
By the end of 2015, bilateral trade between Saudi Arabia and New Zealand had grown to 2.7 billion Saudi Arabian Riyals.