NEW DELHI, June 3: Aiming to “unlock” the potential of their partnership, India and New Zealand today decided to speed up the process for early conclusion of a Free Trade Agreement as the two countries discussed bilateral and regional issues.
The two countries also reviewed the progress in firming up a Mutual Legal Assistance Treaty with New Zealand saying that it “needs to be picked up” at its end.
“Free Trade agreement is an immediate goal for us. In pursuing an FTA, we believe that the potential of the relationship between New Zealand and India will be unlocked,” New Zealand Foreign Minister Murray McCully told reporters here.
External Affairs Minister Salman Khurshid, who held talks with McCully, said economic relations are a strong pillar in bilateral partnership.
He said that both countries recognised that there is great potential to further strengthen bilateral trade and investment relations.
“Our exports grew by 20 per cent to USD 302 million though our imports fell by 17 per cent to USD 686 million. We have recently liberalised imports of lamb from New Zealand.
“India and New Zealand are currently working for early conclusion of a Free Trade Agreement. FTA will help further enhance our trade and investment relations in the future,” Khurshid said.
“So we both agreed that we will urge our Trade Ministers colleagues with regard to achieving this objective,” McCully said.
Talking about growing economic ties, Khurshid said a number of Indian companies in banking, minerals, IT and others have established business in New Zealand.
“Our cooperation in agriculture, especially in high- yielding varieties, food processing and agro machinery are areas of further potential.
“Collaboration in science and technology, with technology cooperation, joint projects and training is growing,” he said.
Asked why there was delay in signing up of a FTA, Khurshid said, “Good wine always takes time to mature”.
Khurshid said agreements like FTA have far reaching impacts and hence it was important to take local producers and constituencies on board.
“You have to build up consensus. Consensus comes through extensive consultations,” he said, adding that there are lot of agreements that are being negotiated across the world.
“The best negotiators are limited in number…. We will provide an impetus, a further impetus and this is why sometime meetings between Foreign Ministers are significant because they allow an opportunity to refocus and re-energise the issues that you need to addressed,” Khurshid said.
He said both countries share a close partnership with strong political understanding, expanding trade and investment ties, education and cultural linkages and people-to-people interaction.
“We share common linkages of Commonwealth, parliamentary democracy, the English language and cricket,” the Minister said.
He said the “dynamic partnership” and multifaceted relations are characterised by common aspirations on bilateral issues and growing convergence on global peace and security, North-South cooperation, combating international terrorism and ecological preservation.
“We are also responding to the significant transformations taking place in our region while addressing the development aspirations of our peoples,” he said.
Khurshid said both countries are developing wide-ranging cooperation in political, defence and security issues, and actively cooperate on development of the islands in the South Pacific. He said both are also partners in the fight against international terrorism.
“India values its cooperation with New Zealand in multilateral fora including the ASEAN processes, East Asia Summit, Pacific Island Forum and others,” he said and noted that a number of Indian students are studying there.
“New Zealand has become a favourite destination in recent years for location shooting by the Bollywood film producers. I am sure this too will bring us closer,” he said.
On sporting ties, he said, “we look forward to the Cricket World Cup to be jointly hosted by New Zealand and Australia in 2015 and we hope to return with the trophy”. (PTI)
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