New Delhi, March 18 (IANS) India and New Zealand are working to finalise a comprehensive and mutually beneficial free trade agreement, Union Minister of Commerce and Industry Piyush Goyal said on Tuesday.
Addressing the business leaders of India and New Zealand here, Goyal emphasised the immense potential for collaboration between the two countries. He articulated an ambitious vision for the India-New Zealand partnership, targeting a 10-fold growth in bilateral trade over the next decade.
The event was attended by New Zealand’s Prime Minister Christopher Luxon and Minister for Trade and Investment, Agriculture and Forestry Todd McClay.
Prime Minister Luxon said that businesses play a critical role in both economies and in strengthening bilateral relations and emphasized the need to explore new frontiers and sectors.
“I feel incredibly optimistic about the future of both India and New Zealand. India for us is a game changer. As a smaller country in the world, India is a really consequential relationship for us. We all recognize that there is a lot more that these two countries should be doing together. When we look at the trading relationship today at $3 billion, there’s a huge opportunity for us here,” he said.
Goyal called on business leaders from both countries to contribute towards achieving this goal. “There are hardly any areas where we compete with each other, and the few areas of sensitivity can be navigated with mutual respect. Given our different levels of development, there are limitless possibilities for cooperation in agri-tech, dairy, food processing, pharmaceuticals, renewable energy, critical minerals, forestry, horticulture, tourism, and sports,” he pointed out.
Against the backdrop of global challenges, Goyal stressed the importance of trusted partnerships. “The world is going through a lot of problems. A defining partnership between our two nations can serve as a model for how trusted partners work together. “It’s not about the size of an economy; it’s about collaboration and shared values,” he remarked.
He noted that India’s economy, currently at $4 trillion, is poised to grow to $30-35 trillion in the next 22-25 years, presenting immense opportunities for collaboration.
Goyal highlighted the role of tourism in fostering stronger relations between India and New Zealand. He praised the Prime Minister of New Zealand for his commitment to enhancing ties between the two nations and noted that their partnership could create significant economic opportunities. “Together, we can make a significant difference to our economies. Both countries will emerge as winners through this partnership,” he stated.
He also stressed the importance of education and research in bringing people closer, highlighting the potential of New Zealand’s innovation to reach the world through India. He suggested that manufacturing in India for global markets at competitive prices could take the partnership to greater heights.
Speaking on connectivity, Goyal reaffirmed India’s commitment to strengthening financial and digital linkages, as well as facilitating swift mobility of manpower and technical talent. He noted that India produces the highest number of STEM graduates annually, with 43 per cent of them being women, showcasing the diversity and strength of India’s workforce.
“Our two countries have decisive leaders, and India’s young, aspirational population of 1.4 billion, combined with New Zealand’s innovative spirit, will create a potent partnership that the world will look up to. Walking into the future while respecting the past – this perfectly captures the essence of our collaboration,” he concluded.
Meanwhile, Federation of Indian Export Organizations (FIEO) President Ashwani Kumar welcomed the announcement on the launch of FTA negotiations between India and New Zealand. He said the FIEO is confident that this balanced, ambitious, and mutually beneficial agreement will deepen economic integration and create a more conducive environment for Indian exports.
“The FTA will open doors for Indian businesses, enabling easier and more predictable access to New Zealand’s market,” he added.
–IANS
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