India and New Zealand Forge New Economic Partnerships in High-Level Bilateral Meeting

In a significant diplomatic move, Minister of Commerce and Industry Shri Piyush Goyal and New Zealand’s Minister for Trade and Export Growth, Hon Damien O’Connor, convened in New Delhi yesterday. This meeting marks a pivotal step in the ongoing efforts of both nations to cultivate a multifaceted relationship, building upon the notable meeting between their respective Prime Ministers in Port Moresby on May 22, 2023.

The ministers underscored the intensified engagement between businesses in India and New Zealand, emphasising its potential to drive governmental dialogues. Recognizing the vital role of the Joint Trade Committee (JTC) – established under the 1986 trade agreement – they also stressed the importance of regular high-level interactions. As part of this commitment, the ministers agreed to convene frequently for bilateral discussions on trade, investment, and cooperative endeavours.

The ministers articulated their shared commitment to bolstering the trade and economic alliance through the following key acknowledgments:

1. Both countries’ intent to explore novel and inventive strategies for economic collaboration.
2. A mutual focus on fostering and coordinating the amalgamation of technology and expertise to yield mutual benefits.
3. Delving into the mutually advantageous opportunities within each other’s markets that entice businesses from both nations.

The ministers also noted the upswing in interactions between the countries, underpinned by a collaborative approach that incorporates officials from pertinent government sectors and the private industry. These informal engagements seek to spawn innovative concepts for fruitful partnerships.

Acknowledging the joint consultations held with industries on both sides, ministers lauded the establishment of working groups to address topics of mutual interest. These groups, complementing existing initiatives, serve to fortify trade and industry cooperation. Notable areas of focus include potential technical partnerships in agriculture and horticulture, pharmaceuticals, and processing and transportation.

In the realm of trade facilitation, the ministers celebrated the joint efforts to find viable alternatives for importing wooden logs from New Zealand. The recent commencement of Indian mango exports to New Zealand was also greeted with enthusiasm. Progress on India’s request for additional Vapour Heat Treatment facilities for mango exports from New Zealand was positively acknowledged.

Recognizing the need for enhanced air connectivity, ministers welcomed the conclusive Memorandum of Understanding aimed at further liberalising the bilateral Air Services Agreement. They additionally expressed interest in strengthening educational ties and exploring fresh areas of cooperation.

Ministers applauded early talks between India’s National Payments Corporation and New Zealand’s Payments NZ regarding the Unified Payments Interface (UPI) system. They concurred that adopting the UPI system in New Zealand would foster smoother business operations and boost trade and tourism.

The ministers highlighted the exceptional cooperation between India and New Zealand within the Indo-Pacific Economic Framework for Prosperity. They outlined the two nations’ role in shaping transparent, inclusive, and development-oriented economic and trade regulations through regional institutions.

Lastly, ministers resolved to periodically review the advancements made by the working groups and the corresponding recommendations, reaffirming their commitment to fostering a robust and dynamic partnership.