Nov. 2 (Bloomberg) -- New Zealand concluded a free trade agreement with the Gulf Cooperation Council, the latest in a series of accords as it seeks to bolster exports.

After verification, the accord is likely to be signed in the first half of 2010, Trade Minister Tim Groser said in an e- mailed statement. The council comprises Bahrain, Oman, Kuwait, Saudi Arabia, Qatar and the United Arab Emirates.

New Zealand last week signed a free trade agreement with Malaysia and agreed with Australia to develop a closer economic partnership with other nations in the 16-member East Asia Summit. New Zealand wants to reduce trade barriers and boost overseas sales of milk powder, meat and wool that comprise about 30 percent of the economy.

“This announcement shows we have built up some real momentum in trade negotiations,” Prime Minister John Key told reporters in Wellington today.

Key returned yesterday from a visit to Asia that included a stop in Japan where he said he “used the opportunity to move the trade and economic relationship forward.”

Exports to the six gulf nations were NZ$1.3 billion ($930 million) in the year ended June 30, and two-way trade of NZ$3.9 billion makes the council the nation’s seventh-largest trading partner, Groser said.

“This is very good news,” Mike Petersen, chairman of Meat & Wool New Zealand, said in a statement, adding that the removal of tariffs will improve returns from beef and sheep meat exports.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

Last Updated: November 2, 2009 00:43 EST