During a select committee, New Zealand's Trade Minister Todd McClay took responsibility for securing a free trade agreement with India by the end of this term. He acknowledged the ambitious promise of Christopher Luxon, the newly appointed Trade Minister, and mentioned that there have been numerous visits between the two countries in the past year. McClay also highlighted the importance of expanding trade deals as part of the coalition's global presence.
India-New Zealand Trade Agreement: A Glimpse into the Past and Present
India and New Zealand have enjoyed a long-standing trade relationship, with India being New Zealand's ninth-largest export destination. In recent years, the two countries have taken active steps to strengthen their economic ties through a comprehensive trade agreement.
Background
In 2010, New Zealand and India announced their intention to explore the possibility of a free trade agreement (FTA). After several rounds of negotiations, the two countries concluded the text of the India-New Zealand Economic Cooperation and Trade Agreement (NZECTA) in February 2022.
Current Developments
In March 2023, during a select committee hearing, New Zealand's former Trade Minister Todd McClay expressed optimism that a free trade agreement with India would be secured before the end of his term. He acknowledged the ambitious goals set by Christopher Luxon, the newly appointed Trade Minister, and emphasized the importance of expanding trade deals as part of New Zealand's global presence.
Key Takeaways
Top 5 FAQs and Answers
1. What is the status of the India-New Zealand FTA? The FTA has been concluded and is currently being reviewed by both countries.
2. When is the expected signing date? The precise signing date has not yet been announced, but it is expected to be in the coming months.
3. What are the key benefits of the FTA for India? The FTA will provide India with improved access to New Zealand's agricultural and dairy markets, while also reducing tariffs on Indian exports to New Zealand.
4. What are the key benefits of the FTA for New Zealand? The FTA will boost New Zealand's exports to India, particularly in sectors such as dairy, meat, and wine.
5. How will the FTA impact businesses and consumers? The FTA is expected to lead to increased trade and investment, creating new business opportunities and lower prices for consumers in both countries.
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