India and New Zealand Forge Closer Economic Relations » Capital News
May 7 – While India’s trade and commerce ties with the United States or Australia are often in the spotlight, New Zealand, despite its historical closeness, is frequently overlooked by the media.
However, for New Zealand, India remains a priority country under its “Opening Doors to India” policy, initially declared in October 2011 and reaffirmed in 2015.
During a recent visit to India by New Zealand’s Foreign Minister Winston Peters, he emphasized that the relationship between the two nations is evolving. Although security concerns were a primary focus during the visit, economic ties have been steadily strengthening.
The Indian government has reaffirmed its commitment to bolstering its longstanding economic relations and bilateral trade with New Zealand. Both sides have agreed to enhance collaboration, particularly in sectors such as pharmaceuticals, agriculture, and processed foods.
Indian Commerce Secretary Sunil Barthwal reiterated this commitment during a delegation visit to New Zealand, where constructive and outcome-oriented meetings were held from April 26-27. These discussions, involving key figures such as New Zealand’s Minister for Trade Todd McClay and other officials, focused on promoting bilateral trade and cooperation.
Both countries acknowledged the significant potential in their economies and mutual trade complementarities, expressing a desire to expand trade and people-to-people contacts. These meetings mark a crucial moment in strengthening economic ties and fostering collaboration between India and New Zealand.
India and New Zealand share a long-standing and warm relationship, with close historical ties. New Zealand has recognized the growing importance of its relationship with India, particularly in light of India’s strong economy, large population, and international influence.
Both countries actively participate in regional forums such as the East Asia Summit and the ASEAN Regional Forum, reflecting their shared interest in the prosperity and stability of the Indo-Pacific region.
India ranks as New Zealand’s 11th largest two-way trading partner, with total two-way trade valued at US$1.80 billion in the year ending September 2020. Efforts are underway to negotiate a high-quality, comprehensive, and balanced bilateral Free Trade Agreement (FTA) since 2010.
The India New Zealand Business Council (INZBC) and the New Zealand India Trade Alliance (NZITA) play significant roles in promoting trade and investment relations between the two countries.
New Zealand’s exports to India include logs and wood products, fruit and nuts, and education services. Efforts are being made to enhance collaboration in areas such as air connectivity and agri-tech.
The current New Zealand government, led by National Party leader Christopher Mark Luxon, aims to renew efforts to improve trade ties with India, including pursuing a free trade agreement. Overall, India and New Zealand are entering a new phase of bilateral ties under the leadership of Prime Minister Narendra Modi and the present New Zealand government.
About The Author
