India free trade talks to begin in April

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India free trade talks to begin in April

AUCKLAND, New Zealand. – February 11, 2010 –

At an India New Zealand Business Council (INZBC) function in Auckland last night, the Indian High Commissioner to New Zealand, His Excellency Admiral (Retd) Sureesh Mehta announced that formal negotiations between officials for a Free Trade Agreement between India and New Zealand will begin by April.

As part of its recently implemented strategy, the India New Zealand Business Council (INZBC) launched its Auckland Chapter at the event, the second such following the launch of the Christchurch Chapter late last year. The Chapter is to be led by Auckland-based educationalist and INZBC executive committee member, Tricia Reade.

“The Auckland Chapter of INZBC is the second such regional chapter to be created,” said the Chair of the Council Mr Wenceslaus Anthony. “Given the significant number of people of Indian origin in the Auckland area engaged in business, this is a particularly important milestone for the Council.”

“We intend to undertake more activities on a regional basis,” said Mr Anthony, “not only to help further expand our membership base, but also to help raise the New Zealand business community’s awareness across the board of the significance of India to our future economic prosperity.”

“Setting up regional chapters is the first of several steps that the Council will be taking to further raise its profile and build its constituency,” said Mr Anthony.

“It’s a positive step towards achieving the vision of the Council that INZBC will be recognised by government and business in New Zealand and India alike as the leading organisation that promotes and catalyses business between the two countries.”

According to official statistics, India is now New Zealand's second fastest growing export market, while imports from India are also growing.

Total bilateral trade is now in the vicinity of a billion dollars and negotiations have also recently officially commenced concerning a possible Free Trade Agreement.

Auckland Mayor, His Worship John Banks performed the launch ceremony in front of a sizeable audience which included India High Commissioner to New Zealand, His Excellency Admiral (Retd) Sureesh Mehta, INZBC Patron Sir Richard Hadlee, former Attorney-General Rt. Hon. Paul East, Ministry of Foreign Affairs & Trade’s India-New Zealand FTA Negotiator Julian Ludbrook and over 100 business people with interests in doing business with India.

Mayor Banks emphasised that with weekly borrowings of $240m per week, only trade could provide New Zealand with the ability to service its debt and that India represented one of the best opportunities for New Zealand business.

All speakers throughout the evening spoke to themes of the scale of the opportunity, the long and peaceful relationship between the two countries, the significant history of persons of Indian origin within New Zealand, the willingness of both sides to collaborate and the very many areas of commonality.

Sir Richard Hadlee emphasised cricket as one such area, and also noted India’s world class performance not only in cricket but other areas including medicine, science, construction, tourism and hospitality.

H.E. Mehta drew particular attention to India’s middle class, which at around 320m is now greater than the entire population of the United States. He further noted that, of the total bilateral trade, the balance was 2:1 in favour of New Zealand and therefore, that were many opportunities for New Zealand businesses to prosper from the importation of Indian products.

The keynote address on the experience of a New Zealand firm developing business in India was delivered by e-Bus Limited’s Chief Operating Officer Michael Orton, who made it clear that a persistent and well-resourced approach was needed to succeed in India and that India was a market that required frequent presence and constant market development.

In a full programme, INZBC Chair Wenceslaus Anthony and ETTANZ Chair Chad Wilkie also signed a memorandum of understanding (MOU) that outlines plans for cooperation on a variety of areas, including agreement to coordinate on events held by both organisations on India/NZ business issues and sharing of market intelligence. More details on the MOU are to be released shortly.

Don Rae, New Zealand Trade & Enterprise’s (NZTE) International Market Manager for India concluded, “India is one of New Zealand’s fastest growing export markets and a priority market for NZTE.

We see growth continuing well into future, especially in light of the recently announced commencement of negotiations on an India-New Zealand Free Trade Agreement. The launch of INZBC’s Auckland Chapter is yet another strong and visible signal of this persistent growth.”

It is expected that the INZBC Auckland Chapter will hold further similar events throughout the year that will inform and connect existing and prospective business people in both countries.

ENDS

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