India, New Zealand Aim to Conclude FTA this Year
In a significant development for bilateral trade and investment engagement, India and New Zealand have reaffirmed their commitment to work towards a future-ready framework and conclude the free trade agreement (FTA) this year. The first round of negotiations for the India-New Zealand FTA concluded successfully in New Delhi, marking an important step towards enhancing economic cooperation between the two nations.
The FTA negotiations, which began in July 2020, aim to create a more favorable trade environment by reducing tariffs, increasing trade in goods and services, and promoting investment between India and New Zealand. The agreement is expected to benefit businesses, industries, and consumers in both countries by providing greater market access, reducing trade costs, and increasing economic cooperation.
During the first round of negotiations, the two sides discussed various aspects of trade, including goods, services, investment, and dispute settlement. The talks were characterized by a positive and constructive atmosphere, with both sides reaffirming their commitment to concluding the FTA this year.
“We are committed to concluding the FTA this year and are working together to achieve this goal,” said a senior government official. “The negotiations were productive, and we are pleased with the progress made so far. We look forward to continuing our discussions in the coming months.”
New Zealand’s Minister for Trade and Export Growth, Damien O’Connor, who led the New Zealand delegation, said, “We are pleased to have concluded the first round of negotiations and are committed to working with India to conclude the FTA this year. The agreement has the potential to increase trade and investment between our two countries, creating new opportunities for businesses and industries.”
India and New Zealand have a long history of economic cooperation, with trade between the two countries growing steadily over the years. In 2020, bilateral trade between India and New Zealand stood at around $1.5 billion, with India being New Zealand’s 14th largest trading partner. The FTA is expected to boost trade and investment between the two countries, creating new opportunities for businesses and industries.
The FTA negotiations also provide an opportunity for India and New Zealand to discuss issues related to market access, customs procedures, and intellectual property rights. The agreement is expected to provide greater certainty and predictability for businesses, reducing the risk of trade disputes and increasing overall economic cooperation.
In addition to the FTA negotiations, India and New Zealand have also agreed to work together on issues related to climate change, sustainable development, and global governance. The two countries have a shared commitment to promoting sustainable development and addressing the challenges of climate change, and are working together to promote these goals through international cooperation.
The successful conclusion of the first round of FTA negotiations is a significant step towards expanding bilateral trade and investment engagement between India and New Zealand. The agreement has the potential to create new opportunities for businesses and industries, and to promote economic cooperation between the two countries.
As the FTA negotiations continue, both India and New Zealand are expected to work closely together to finalize the agreement and put it into effect. The agreement is expected to be a win-win for both countries, promoting economic cooperation and creating new opportunities for businesses and industries.
Source:
https://investmentguruindia.com/newsdetail/india-new-zealand-aim-to-conclude-fta-this-year618760
