NEW DELHI (AP) – On Friday, New Zealand’s Deputy Prime Minister commented on the ongoing Free Trade Agreement negotiations with India but did not provide a timeline for when a contract might be signed.
Winston Peters, who is currently on a two-day visit to India, stated that the negotiations are “progressing significantly,” describing them as a “breakthrough in our economic relations.”
Negotiations for a trade agreement between India and New Zealand began in March, with an initial goal of completing the deal in 60 days. This agreement would greatly enhance the economic relationship between the two nations, although it has encountered delays due to discrepancies in dairy tariffs.
Bilateral trade between India and New Zealand reached $1.7 billion for the fiscal year 2023-24.
The discussions between India and New Zealand occur against a backdrop of rising tensions in global trade, following the decision by the US President to impose a series of mutual tariffs on imports from various countries, including India.
Earlier this month, India and the UK signed a trade agreement. India is also in ongoing trade discussions with the United States.
Peters met with Amitab Kant, an Indian emissary in New Delhi, and highlighted that India is New Zealand’s 12th largest trading partner, asserting, “we are committed to changing that.”
“Our strengths in food and beverage products, agriculture, forestry, horticulture, education, and tourism are world-class. Furthermore, our innovations in sectors such as outer space and renewable energy will find a receptive partner in India,” he added.
Peters indicated that the relationship between the two nations has also extended into defense and security, labeling these areas as “New Zealand’s priority in the Indo-Pacific.”
“In these times of considerable uncertainty and instability, we are taking steps to address defense and security matters more collaboratively with India,” he noted.
Source: apnews.com