India and New Zealand strengthen economic ties through bilateral trade talks

Commerce and Industry Minister Piyush Goyal met with New Zealand’s Trade Minister, Todd McClay, in New Delhi on Tuesday to bolster economic ties. The focus of their discussions was on simplifying trade processes, reducing barriers, and creating a favorable business environment for both nations. McClay commended India’s efforts in resolving issues related to wooden log exports, noting positive steps taken by the country.

The meeting also acknowledged India’s successful G20 Presidency and its significant contributions to global solutions. Both ministers expressed a commitment to boosting bilateral trade, investment, and economic cooperation, with a focus on sectors like agriculture, forestry, pharma, connectivity, education, and tourism.

Highlighting increased engagement between businesses in both countries, the leaders stressed the importance of leveraging this momentum for enhanced government-to-government dialogue. They recognized the significance of the Joint Trade Committee (JTC) established under the 1986 India-New Zealand Trade Agreement, emphasizing the need for regular senior-level meetings for bilateral discussions on trade and investment issues.

In their commitment to strengthening the economic relationship, the ministers called for collaborative approaches involving officials from relevant departments and the private sector. They proposed the creation of working groups to explore innovative approaches for economic partnership, particularly in technology and expertise collaboration.

Global trade dynamics, including support for a rules-based, transparent, and inclusive multilateral trading system, were central to the discussions. The ministers briefly addressed issues related to the World Trade Organisation (WTO) Ministerial Conference, expressing cooperation and mutual understanding for a positive approach to resolving long-standing matters.

Both ministers expressed confidence in deeper cooperation and reiterated their commitment to continuing constructive dialogue.