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Business News/ Industry / India, New Zealand explore stronger trade ties
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India, New Zealand explore stronger trade ties

Commerce minister Piyush Goyal and New Zealand trade minister recognized the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers,

New Zealand’s trade minister Todd McClay (C) at the end of the TPP meeting held on the sideline of the Asia-Pacific Economic Cooperation (APEC) summit in Hanoi on Sunday. Photo: ReutersPremium
New Zealand’s trade minister Todd McClay (C) at the end of the TPP meeting held on the sideline of the Asia-Pacific Economic Cooperation (APEC) summit in Hanoi on Sunday. Photo: Reuters

Union commerce minister Piyush Goyal and his New Zealand counterpart Todd McClay discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties. 

The bilateral discussion was aimed at strengthening the trade relations between both countries by exploring opportunities for mutual growth and cooperation, the commerce ministry said in an official statement on Wednesday.  

The meeting between both the ministers was held on 19 December in New Delhi. The dialogue between both the leaders is seen as a move to improve trade relations as India is New Zealand’s 11th largest trading partner. 

Education and tourism are other two sectors in which New Zealand wants to make a significant growth.   

Both the ministers recognized the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the ministry statement said.  

The New Zealand’s trade minister hailed the efforts made by India to sort out the issue related to export of wooden logs to India. 

"They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," the statement said.  

Both ministers expressed the need to increase engagement between the two countries under a collaborative approach that engages officials from across relevant departments and the private sector to strengthen the trade and economic relationship, the statement said.  

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 appreciated and they agreed to meet on a regular basis for bilateral discussions on trade, investment issues and co-operative activities, it said.  

The bilateral trade between the two countries stood at $1 billion in 2022-23. 

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Published: 20 Dec 2023, 07:54 PM IST
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