New Delhi
India and New Zealand will focus on ways to increase bilateral trade and look for greater areas to cooperate in the new year, Todd McClay, Minister for Trade, New Zealand said.
McClay, who is on an official visit to India, met his Indian counterpart Piyush Goyal on Tuesday, and discussed ways to reduce trade barriers, streamline trade processes and promote a more conducive environment for businesses and investors from both nations, according to an official statement from the Commerce & Industry Ministry.
Following the meeting, McClay stated that both Ministers had agreed that the relationship between the two countries was extremely important and one that the governments would invest more in. “We’ve asked officials to report back to us in the new year on ways to boost two way trade and to look for greater areas to cooperate,” he said in a social media post.
WTO Conference
Goyal and McClay also discussed issues related to the forthcoming WTO Ministerial Conference (MC13) in February 2024. They assured each other of cooperation and mutual understanding to decide on the long standing issue of Public Stock Holding (PSH) during MC13, the statement pointed out.
India and many other developing countries have been pushing for a permanent solution to the issue of providing subsidies for PSH. A desirable permanent solution would allow them to expand schemes like MSP for foodgrains without worrying about breaching limits and then having to meet the onerous conditions of the peace clause to avoid penalties.
The importance of the annual meeting of the Joint Trade Committee (JTC), established under the 1986 India-New Zealand Trade Agreement, and regular engagement at a senior level was also acknowledged, the statement noted. “Ministers agreed that both sides should meet on a regular basis, as convenient, for bilateral discussions on trade and investment issues and cooperative activities,” it added.
No mention of FTA
There was, however, no mention in the statement of the proposed India-New Zealand Free Trade Agreement, the talks for which had started in 2010 but subsequently got suspended.
Last year, India implemented FTAs with the UAE and Australia and is, at the moment, in the midst of negotiating some more including ones with Oman, the UK, and the EU.
McClay also met Indian education experts and agents in New Delhi to discuss the opportunity for Indian students to seek higher education and experience in New Zealand.
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