Trade Minister Tim Groser says a free trade agreement with Gulf Arab states is close to being finalised.
Mr Groser says the chief negotiators have signed the agreement but some legal and technical work is still to be completed.
The New Zealand delegation headed by Mr Groser was on the last leg of a Gulf trip in the United Arab Emirates, after visiting Saudi Arabia, Bahrain and Kuwait.
Bilateral trade between New Zealand and the Gulf was $US2.1 billion in 2009, up 40% since 2000, making the Gulf its sixth-largest trading partner, he said
An investment protection treaty with Gulf Arab states is excluded from the comprehensive free trade agreement (FTA) and will be pursued on a bilateral basis with each country, Mr Groser told Reuters.
Mr Groser says exports from New Zealand to the Gulf are growing at an annual average rate of 15%.
"Given the vast consumer wealth and high per capita incomes in these countries, we see huge potential in this region."
He says with most Gulf Arab states investing heavily in education, New Zealand is aiming to play a big role in this sector given its expertise in the field.
Mr Groser says education is the second largest services market after tourism.
