India and New Zealand Discuss Trade Boosting Measures

• 26 Dec 2023

Recently, Union Commerce Minister and New Zealand's Commerce Minister engaged in talks to enhance economic ties by addressing trade barriers and fostering an investor-friendly environment.

• The dialogue aimed at strengthening trade relations included discussions on mutual growth opportunities and cooperation.

Key Points

• Bilateral Engagement for Growth: The Ministers held discussions in New Delhi on December 19 to improve trade relations, recognizing India as New Zealand's 11th largest trading partner.
• Focus on Education and Tourism: New Zealand expressed its desire for substantial growth in education and tourism sectors, identifying them as key areas for development.
• Trade Facilitation Measures: Both ministers emphasized the importance of trade facilitation, exploring ways to streamline processes, reduce barriers, and create a favourable business environment for investors.
• Appreciation for Resolving Issues: New Zealand acknowledged India's efforts in addressing concerns related to the export of wooden logs.
• Deepening Engagement in Various Sectors: Agriculture, forestry, pharma, connectivity, education, and tourism were highlighted as sectors for deeper engagement.
• Collaborative Approach: The need for increased engagement under a collaborative approach involving relevant departments and the private sector was emphasized.
• Annual Joint Trade Committee Meeting: The ministers recognized the significance of the Joint Trade Committee (JTC) meeting established under the India-New Zealand Trade Agreement, pledging regular senior-level engagement for bilateral discussions on trade, investment, and cooperative activities.
• Bilateral Trade Figures: The bilateral trade between India and New Zealand reached $1 billion during the fiscal year 2022-23.