Huge potential highlighted in India and New Zealand partnership at Delhi Round Table
The New Zealand High Commissioner David Pine has explored some areas to work with India including promotion of Unified Payment Interface (UPI) system, carbon credit co-operation, economic co-operation through sectoral arrangements and working together on specific issues like the comprehensive proposal made by Zespri (Kiwi fruit marketer) as well as prioritization of requests on non-tariff measures for bilateral gains to the businesses of both the sides.
He listed the potential of these areas during the first Round Table Joint Meeting between India and New Zealand with the industry and industry associations of both the countries in New Delhi on 8 June 2023.
The meeting was co-chaired by the Additional Secretary, Department of Commerce, Rajesh Agarwal and High Commissioner Pine.
Looking at the present quantum of bilateral trade between the two countries, both sides acknowledged the huge potential in India and New Zealand partnership and the need for bringing in synergy for enhanced economic relations in areas of mutual interest.
It was a common understanding that there is a need to work beyond any free trade agreement and explore other areas where both can complement each other, the Ministry of Commerce and Industry said in a statement following the roundtable.
The discussions also focused on taking forward the objectives of the Joint Trade Committee (JTC), formed under the Bilateral Trade Agreement of 1986.
Pine emphasized on collective efforts keeping in mind the principles of mutual benefits, proportionality, facilitating trade and association with private sectors.
The High Commissioner also informed that India New Zealand Business Council has brought out a report in April, 2023 on “India New Zealand –Relationship ready for next phase”, reflecting feasible areas of co-operative activities for economic prosperity.
He also emphasized on increasing air connectivity between the two countries.
Agarwal has also called for strengthening the existing institutional mechanism for improving bilateral trade and emphasized on creation of structure for working on cooperation and collaboration issues.
This could include establishing a working group at Joint Secretary level to work on specific identified issues and once the ideas and the corresponding co-operative activities are concretized, the same can be scaled up and finalized during the Joint Trade Committee meeting.
He further stated that it would require a concerted effort from both the sides and should take into account deliberations at G2G, B2B and G2B interactions.
Agarwal appreciated the positivity in discussion leading to tentative identification of various areas of cooperation including the facilitation of UPI system, carbon credit, package proposal on Kiwi fruits, trans-shipment hub, prioritization of bilateral trade issues for their timely resolution, collaboration on technology issues, cooperation in services such as work visa related issues, improving the banking relations further, etc.
He emphasized on the need for a proactive operational framework for mutual benefit by creating working groups which would feed to the Joint Trade Committee with concrete ideas and the solution thereof.
The Indian industry representative from services sectors like IT and ITeS, logistics and banking sector as well as manufacturing sectors namely food processing, pharmaceuticals, automobile, construction and power made useful interventions on the bilateral issues, highlighting the huge potential and ample opportunities available between both the economies which needs to be nurtured through such interactions and actions thereof.
The industry and industry associations from the New Zealand side, while calling it a significant moment in the economic relationship between the two countries, emphasized on the need to speed up the activities and continue the dialogue in a more structured way like the present one.
Both the sides were unanimous on the need for having more government to industry dialogues for concrete mutual benefits, said the Ministry. Fiinews.com
