Trade Minister Tim Groser and Indian Commerce Minister, Sri Anand Sharma have announced the start of negotiations toward a free trade agreement between New Zealand and India.
Mr Groser, attending a meeting of WTO trade ministers in Davos, Switzerland alongside Mr Sharma, welcomed the Indian government’s confirmation that it will open negotiations with New Zealand.
“A free trade agreement with India offers great promise for New Zealand businesses. India is already one of our fastest growing markets, with New Zealand exports having tripled over the last decade,” Mr Groser said..
“Our negotiators will target the currently high barriers facing New Zealand exporters to India so that trade can further flourish"
Mr Groser said the Indian economy was forecast to expand almost 8% in 2010.
“India has a population of over one billion people. By 2025, India will almost certainly be the third largest economy in the world.”
The NZ cabinet approved the start of negotiations in March last year and the relevant Indian cabinet committee last week approved the proposal – a decision delayed until now by India’s mid-year election in 2009.
“I expect negotiations to start soon and am confident we can deliver a high quality agreement with significant benefits to New Zealand exporters,” Mr Groser said.
Source : nbr.co.nz