India (Commonwealth Union)_ India and New Zealand are actively exploring avenues to fortify their trade ties, as evidenced by a recent meeting between Union Commerce Minister Piyush Goyal and his New Zealand counterpart, Todd McClay. The primary focus of their discussions was to identify and implement measures aimed at diminishing trade barriers and fostering a more conducive environment for investors, thereby enhancing economic cooperation. The official statement released by the commerce ministry highlighted the bilateral nature of the dialogue, emphasizing its objective of strengthening trade relations and seeking opportunities for mutual growth.
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The meeting was held in New Delhi and is viewed as a strategic move to improve trade relations, especially considering that India holds the position of New Zealand’s 11th largest trading partner. New Zealand is keen on significant growth in sectors beyond trade, with a particular emphasis on education and tourism. The two ministers acknowledged the pivotal role of trade facilitation and engaged in discussions on streamlining trade processes, minimizing barriers, and creating a more favorable environment for businesses and investors from both nations.
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Commending India’s efforts to address issues related to the export of wooden logs, New Zealand’s trade minister underscored the necessity of deepening engagement in various sectors such as agriculture, forestry, pharmaceuticals, connectivity, education, and tourism. In a joint commitment, both ministers emphasized the imperative to intensify engagement between the two countries. They advocated for a collaborative approach involving officials from relevant departments and the private sector to fortify the trade and economic relationship.
Recognizing the significance of the Joint Trade Committee (JTC), established under the 1986 India-New Zealand Trade Agreement, the ministers expressed appreciation for the annual meetings and senior-level engagements. They pledged to convene regularly for bilateral discussions on trade, investment issues, and cooperative activities. As of the 2022-2023 fiscal year, bilateral trade between India and New Zealand amounted to $1 billion, reflecting the substantial economic interactions between the two nations.
