New Zealand’s Groser Says Free-Trade Talks With India Planned

New Zealand and India will begin negotiations to establish a bilateral free-trade agreement later this year, Trade Minister Tim Groser said today.

Groser and his Indian counterpart Kamal Nath agreed to the talks after reviewing a joint study, which concluded there was “considerable potential” to expand trade between the two countries, according to a press release on a New Zealand government Web site. The Asia-Pacific nation exports coal, timber, wool, and hides to India, the statement said.

“We agreed that, subject to the approval processes of both governments, the two countries will look to commence FTA negotiations as soon as possible,” Groser said in the statement. “I expect the negotiations will get under way later this year.”

Securing more trade accords may help underpin demand for New Zealand’s commodity exports amid the deepening global economic slowdown. New Zealand has free-trade deals with China, Singapore and Thailand and is studying similar agreements with Japan and South Korea.

Source: bloomberg