Uniting Nations for Economic Growth
In a bid to foster a robust economic alliance, Shri Piyush Goyal, the Minister of Commerce and Industry, Textile and Consumer Affairs, Food and Public Distribution of India, and Hon Damien O’Connor, the Minister for Trade and Export Growth of New Zealand, engaged in a bilateral meeting held in New Delhi on August 28, 2023.
This summit stands as a testament to the sustained endeavors of both nations to cultivate a comprehensive partnership, building upon the fruitful meeting between their Prime Ministers in Port Moresby on May 22, 2023.
Deepening People-to-People Connections
New Zealand and India share an intricate web of people-to-people connections that extend across multiple domains, encompassing commerce, education, and tourism. Notably, the Indian diaspora in New Zealand actively contributes to diverse facets of society, offering a strong foundation for advancing their economic collaboration.
Business Engagement Paves the Way
Ministers acknowledged the remarkable upswing in business engagement between the two nations and emphasized the significance of channeling this momentum to fuel government-level dialogues.
This highlights the importance of the annual Joint Trade Committee (JTC) meeting, a product of the 1986 India-New Zealand Trade Agreement, along with consistent high-level engagements. Committing to regular bilateral discussions, the ministers aimed to address trade, investment issues, and cooperative endeavors.
Forging a Future of Innovation
With a pledge to reinforce the trade and economic relationship, the ministers shared a common vision:
- Innovative Collaboration: Both countries express a mutual intent to explore innovative approaches to economic partnership.
- Technology and Expertise Exchange: The focus is on fostering collaboration in technology and expertise for mutual gain.
- Market Opportunities: Exploring market opportunities in each other’s domains to benefit businesses from both nations.
- Collaborative Engagement: Emphasis on broader, informal engagements across government departments and private sectors, fostering fresh and productive areas of partnership.
Paving the Way for the India-New Zealand Economic Partnership
Taking the next stride, ministers celebrated the joint stakeholder consultations, leading to the establishment of working groups on subjects of mutual interest. These groups are set to complement existing initiatives and bilateral consultative forums, further enriching trade and industry cooperation.
This expansion encompasses innovative technical collaboration in sectors such as agriculture, horticulture, pharmaceuticals, and processing.
Advancing Trade Facilitation
In the realm of trade facilitation, ministers took cognizance of a collaborative endeavor aimed at identifying an alternative avenue for importing wooden logs from New Zealand. Furthermore, they expressed a warm reception towards the commencement of Indian mango exports to New Zealand.
Moreover, the encouraging strides made in response to India’s appeal for additional Vapour Heat Treatment facilities for mango exports were also acknowledged.
Strengthening Connectivity and Cooperation
Ministers expressed the aspiration to enhance air connectivity between New Zealand and India, applauding the liberalization of the bilateral Air Services Agreement through a finalized Memorandum of Understanding.
Further cooperation was sought in the fields of education and the Unified Payments Interface (UPI) system, which could facilitate seamless business and trade interactions.
A Commitment to Regional Prosperity
Acknowledging their active involvement in the Indo-Pacific Economic Framework for Prosperity, ministers emphatically reaffirmed India and New Zealand’s unwavering commitment to fostering robust economic development and upholding transparent trade regulations.
This dedicated joint effort ardently seeks to inform regional institutions and promote a future of inclusive and sustainable economic growth.
A Path Forward
Looking ahead, ministers aimed to review the progress achieved by the working groups and their recommendations at regular intervals. This concerted effort underscores the dedication of both nations to forging a lasting economic alliance that promises shared prosperity and progress.