Feb. 4 – India and New Zealand began talks on a free trade agreement last week with the aim of eliminating trade barriers.
India is New Zealand’s 13th largest export market with New Zealand exports to India increasing in the past two years on the strength its coal sales and reaching US$442 million in 2009, an increase of 16 percent. The island country’s exports to India include coal, hides, timber and wool. On the other hand, India sold US$245 million worth of goods to New Zealand, 7.8 percent higher than the previous year.
New Zealand has inked free-trade agreements with Australia, China, Singapore, Thailand and Malaysia, while also holding ongoing trade talks with South Korea and the Gulf Cooperation Council nations.
New Zealand Trade Minister Tim Groser told The Economic Times: “India has a population of more than one billion and is expected to be the third-largest economy in the world by 2025. I think they see New Zealand in strategic terms, because we are at the forefront of APEC (Asia-Pacific Economic Cooperation), and India wants to join.”
