Economy

New Zealand-India pact to boost bilateral trade

V. Rishi Kumar Hyderabad | Updated on March 12, 2018 Published on July 12, 2012

New Zealand and India bilateral trade is poised for big spurt with more businesses looking at cooperation and the possibility of expanding the number of goods.

“The discussion on the Free Trade Agreement is progressing well. We hope this would be finalised at the earliest. Most negotiations relating to FTA are complex and they take time to conclude,” Mr Gavin Young, New Zealand Counsel General and Trade Commissioner, said.

Mr Young told Business Line, “The bilateral trade between India and New Zealand has been growing with the latter’s exports to India going up by 6.55 per cent year on year and exports from India to New Zealand increasing by over 8.7 per cent. While the current two-way trade is $1.3 billion, the target is to take it up to $3 billion by 2014.”

“Our experience with China shows that a comprehensive agreement opens up trade. The bilateral trade has increased 152 per cent with China which has become New Zealand’s second largest trading partner,” he explained.

Clean technology is one area where there is immense scope for mutual cooperation. These could be conversion of waste gases into ethanol as a renewable energy fuel which is being tested in Mumbai.

“Zespri Kiwifuit and Pure Apples are gaining popularity here. We expect to take part in the Indian retail growth story as it blossoms,” he said.

IRON SANDS

New Zealand has abundant high grade iron sands that can be a replacement for iron ore used in the steel industry. There is scope to acquire licences around mining the product, or partnering in a joint venture or investment to create a plant to produce a feedstock for steel mills.

There is potential to supply wood for construction sector.

Recent statistics shows that the trade volume increase in fruit and commodities such as metals. There are opportunities to partner in number of areas, including food and agricultural technology, IT, wood and building, specialised manufacturing, aviation training and services.

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Published on July 12, 2012
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