India and New Zealand Strengthen Bilateral Trade Ties in Commerce Meeting

India and New Zealand Strengthen Bilateral Trade Ties in Commerce Meeting

Union Minister of Commerce and Industry, Piyush Goyal, and New Zealand’s Minister for Trade, Todd McClay, convened in New Delhi yesterday to bolster trade relations between the two nations. The bilateral meeting aimed to explore avenues for mutual growth and cooperation while addressing key issues to streamline trade processes.

The ministers acknowledged the significance of trade facilitation and engaged in discussions to reduce trade barriers, creating a more conducive environment for businesses and investors from both India and New Zealand. Minister McClay commended India’s efforts in resolving issues related to the export of wooden logs and expressed appreciation for India’s role in the G20 Presidency, noting its significant contributions to finding global solutions.

Highlighting the longstanding friendly relations based on mutual trust and respect, both ministers expressed their commitment to enhancing bilateral trade, investment, and economic cooperation. Emphasizing the need for deeper engagement, they identified sectors such as agriculture, forestry, pharmaceuticals, connectivity, education, and tourism for collaboration.

The ministers noted the increased engagement between businesses in both countries and underscored the importance of the Joint Trade Committee (JTC), established under the 1986 India-New Zealand Trade Agreement. They agreed on the necessity of regular meetings for bilateral discussions on trade and investment issues.

In their commitment to fortify the trade and economic relationship, the ministers called for a collaborative approach involving officials from relevant departments and the private sector. They advocated for the creation of working groups on specific areas of mutual interest to encourage innovative and productive approaches to economic partnership.

The officials exchanged views on global trade dynamics, reaffirming their support for a rules-based, transparent, and inclusive multilateral trading system. A brief discussion on issues related to the World Trade Organisation (WTO) Ministerial Conference (MC) took place, with assurances of cooperation and mutual understanding to address the longstanding issue of Public Stock Holding (PSH) during MC13.

Both ministers expressed optimism about the potential for deeper cooperation and reiterated their commitment to continuing constructive dialogue. The meeting concluded on a positive note, with a mutual understanding to work closely towards expanding the economic partnership for the benefit of both countries.

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