India and New Zealand have kick-started trade talks again after 10 years.
In an exclusive interview to CNBC-TV18, Todd McClay, New Zealand’s Minister of Trade, Investment, Agriculture, and Forestry, said both governments are committed to strengthening economic ties across various sectors, supported by strong historical and people-to-people connections.
India and New Zealand have officially restarted negotiations for a comprehensive Free Trade Agreement (FTA) after a decade, aiming to significantly enhance bilateral trade and economic ties.
In an exclusive interview to CNBC-TV18, Todd McClay, New Zealand’s Minister of Trade, Investment, Agriculture, and Forestry, emphasised the need for a high-quality and balanced deal that benefits businesses and citizens of both countries. “We want a comprehensive free trade agreement. It must be balanced and fair for both Indian businesses and citizens, as well as New Zealanders,” McClay stated.
He pointed out several key areas where New Zealand seeks greater market access in India, including the primary sector. “Instead of just exporting logs, businesses want to process them in India, creating more value and investment opportunities,” he explained. The goal is to create a two-way exchange of trade and investment.
McClay noted that New Zealand’s expertise in the agricultural and dairy sectors could benefit Indian farmers. “Prime Minister Modi and Prime Minister Luxon agreed on cooperation in horticulture and dairy, particularly in science and innovation, to help grow the income of Indian farmers,” he said.
With India becoming New Zealand’s third-largest ethnic group, mobility of services is a key area of focus. “We have agreed to examine India’s existing agreements with other countries and see how we can offer similar benefits,” McClay said. This includes easing visa norms for business professionals and investors, he added.
Digital payments have been identified as a key area of collaboration. “We are working on allowing digital payments to be processed more easily between the two countries, with discussions involving both our central banks,” McClay confirmed.
McClay assured that both governments are keen on completing negotiations swiftly. While not setting a strict deadline, he indicated that finalising the agreement within a year is feasible.
Earlier, at the India-New Zealand Economic Forum in New Delhi, Union Commerce and Industry Minister Piyush Goyal expressed confidence that bilateral trade between the two nations could expand tenfold from its current $1.75 billion.
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