India, New Zealand may conclude FTA by 2011

India, New Zealand may conclude FTA by 2011

New Delhi: The government on Monday informed Parliament that India and New Zealand are expected to conclude a comprehensive market opening pact, aimed at enhancing the economic engagement between the nations, by 2011.

Three round of negotiations have been completed for a free trade agreement (FTA), minister of state for commerce and industry Jyotiraditya Scindia said in a written reply to Lok Sabha. The talks began in March 2010.

“The FTA is likely to be concluded by 2011," Scindia said.

While comprehensive coverage of the service sector with commitments on all modes, technology, imports in the field of agriculture, education, biotechnology, healthcare, tourism and films are of interest to India, New Zealand wants access to Indian markets for its agri products like apple, kiwi and also for wine.

The bilateral trade between them was a meager $754 million in 2009-10.

Besides, India has operationalised a comprehensive market opening pact with South Korea and is in final stages of achieving the same with Japan and Malaysia.

On another issue, the minister said India has imposed anti-dumping duty in 27 cases in the last about two and half years.

“During the period 2008-09, 2009-10 and 2010-11 (upto 20 July) anti-dumping duty was imposed in 27 cases by directorate general of anti-dumping and allied duties (DGAD)," Scindia said.

Anti-dumping duty is a trade defence measure available to the domestic industry to counter unfair trade practices followed by exporters of goods from other countries.

In case a product is imported into the country at less than its normal value and causes injury to the domestic industry, the local player can make an application to DGAD in the commerce ministry for imposition of the restrictive duty.