Wednesday, May 22, 2024
HomeBharat NewsDelhiEnhancing Economic Ties: India and New Zealand Strengthen Trade Relations - Piyush...

Enhancing Economic Ties: India and New Zealand Strengthen Trade Relations – Piyush Goyal

Estimated reading time: 2 minutes

In a significant development, Union Minister of Commerce and Industry, Shri Piyush Goyal, engaged in a bilateral meeting with New Zealand’s Minister for Trade, Hon. Todd McClay, at New Delhi. The primary objective of the meeting was to fortify the trade relations between the two nations and explore avenues for mutual growth and cooperation.

“Acknowledging the importance of trade facilitation, both ministers deliberated on measures to streamline trade processes, reduce barriers, and create a more conducive environment for businesses and investors from India and New Zealand. A notable point of discussion was India’s efforts to address issues related to the export of wooden logs, earning commendation from the New Zealand Trade Minister”.

The ministers recognized the longstanding friendly relations between the two countries, built on the foundation of mutual trust and respect. They expressed their commitment to further enhancing bilateral trade, investment, and economic cooperation across various sectors. Emphasizing the need for deeper engagement, both ministers highlighted key areas such as agriculture, forestry, pharmaceuticals, connectivity, education, and tourism.

The bilateral meeting underscored the robust engagement between businesses in India and New Zealand, with a focus on stimulating government-to-government dialogue. The importance of the annual meeting of the Joint Trade Committee (JTC), established under the 1986 India-New Zealand Trade Agreement, was reiterated. Ministers agreed on the significance of regular meetings for bilateral discussions on trade and investment issues and cooperative activities.

“In a bid to strengthen the trade and economic relationship, the ministers expressed the necessity to increase engagement under a collaborative approach, involving officials from relevant departments and the private sector. They highlighted the importance of creating working groups on specific areas of mutual interest to explore fresh ideas and innovative approaches for economic partnership”.

The ministers also exchanged views on global trade dynamics and reaffirmed their support for a rules-based, transparent, and inclusive multilateral trading system. Discussions extended to issues related to the World Trade Organisation (WTO) Ministerial Conference (MC), with a commitment to cooperation and mutual understanding for a positive approach to address longstanding concerns.

Google News

Latest Stories

- Advertisment - NIT Infotech