India Free Trade Agreement ‘massive’ for farmers

21 February 2009

Possible India Free Trade Agreement ‘massive’ for farmers

“Federated Farmers applauds the news that New Zealand is to commence negotiations with India for a bilateral Free Trade Agreement (FTA). India represents a massive opportunity for all New Zealand’s farmers,” says Don Nicolson, Federated Farmers President.

“While we know this is going to take time, India, being the World’s second fastest growing economy offers almost unlimited potential.  Current exports of around $366 million are the tip of a very large trade iceberg.

 “With $60 million of wool exported each year India represents a ‘green fields’ market for sheep meat.  Sheep meat is widely consumed and unaffected by religious dietary requirements where meat is consumed.

“Aside from being the second most populous nation on earth, English is the principal language of business and India shares a common legal as well as social bond with New Zealand.  They know New Zealand and a multilayered approach to exports, from high to low value goods, is within our grasp.

“Last year, the Wall Street Journal estimated there were some 100,000 millionaires in India with a massively expanding middle class estimated to be 300 million strong.  The prospect of an FTA means the sky really is the limit,” Mr Nicolson concluded.

ends

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