How India and New Zealand have strengthened bilateral relationships with Exports
India and New Zealand have diplomatic links that date as far back as 1950, but they have recently made efforts to strengthen their bilateral relationship with exports.
With India being one of the largest and fastest-growing economiesin the world, it makes sense that New Zealand is making its relationship with them a priority.
New Zealand's Growing Exports to India
A trade relationship has developed between New Zealand and India for agriculture, food products, and other in-demand goods and services such as tech, supporting everything from AI and industrial machinery to online casino gaming. It really is a broad spectrum of industries.
India's target market for New Zealand includes wool, protein products, and apples. Right now, agricultural exports account for roughly NZ$520 million of New Zealand's annual exports to India.
With this increase in trade, they're hoping to enhance New Zealand's economy and satisfy the growing need for high-quality agricultural imports. Top-level contacts and exchanges, along with the Joint Trade Committee (JTC) economic forums, are some of the ways they are trying to strengthen trade relations.
Collaborative Opportunities in the Indo-Pacific Economic Framework
The partnership between India and New Zealand under the Indo-Pacific Economic Framework for Prosperity (IPEF) is working well and improving their trade relations.
IPEF's specific purpose is to promote regional economic integration through global supply chains, trade, investment, and other core areas of interest. Both countries' involvement with IPEF is strengthening science and technology cooperation related to climate technologies, sustainable infrastructure, and economic development.
Initiatives like the Clean Economy Agreement see New Zealand supporting India's environmental and climate-related objectives, while India matches New Zealand with a big market for its climate-related technological advancements.
Education and Cultural Exchange Creating Economic Growth
On top of the goods and services trades, education has become the third pillar of relations between India and New Zealand.
The Indian diaspora in New Zealand is rapidly expanding thanks to the nation's reputable courses geared toward business, technology, and engineering. They're having a positive economic impact by creating job opportunities with payments of school fees and creating deep bonds in both nations.
Cultural exchange is equally important in promoting these bonds.
It’s also worth mentioning the excitement the Indian community in New Zealand has for their culture, bringing to life festivals like Diwali and uniting Indians in New Zealand with locals.
Addressing Trade Barriers and Exploring New Agreements
Trade barriers like tariffs and specific non-tariff barriers (NTBs), along with sanitary and phytosanitary regulations that apply to agricultural products, are just a few of the trade impediments faced by India and New Zealand.
In negotiations and discussions at high levels, both countries have been looking to remove these hurdles and make bilateral trade easier. One of the notable developments was the Mutual Recognition Agreement for organic products, which will facilitate trade by easing procedures on certifications.
India and New Zealand have also undertaken measures to overcome the logistical and quality control problems that are often present with exports such as kiwifruit, cow’s milk, dairy products and cut flowers. These measures will improve trade between the countries and create a better business environment for firms on both sides.
The growing trade relationship between India and New Zealand will positively impact both countries. It signals an increased level of shared economic aspirations and appreciation of each other's economic capabilities. Now that they are better positioned to deal with trade barriers and invest in developing contacts, there is a great opportunity for India and New Zealand to grow their collaboration even more in a changing world economy.
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