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Winston Peters Targets Fast Growing Indian Market

Winston Peters Targets Fast Growing Indian Market at Diwali Business Event

The New Zealand Indian Trade Alliance (NZITA) celebrated its annual Diwali dinner with the theme; 'victory of light over darkness, brightening up India-New Zealand relations.'

Addressing an audience of NZ Exporters and Importers Deputy Prime Minister, Rt. Hon, Winston Peters, used the festival of lights celebration to highlight the growing influence and market potential of India for New Zealand.

The event began with the lighting of the 'diya' (oil lamp) by Mr Peters, symbolising purity and goodness. NZITA Chairman, Giri Gupta, shared the successes of NZITA in 2018 and shared the vision for 2019 that includes growth and momentum for members.

Mr Peters highlighted India’s growing economic influence, and also commend India for its continuous improvement on the Ease of Doing business list. He also mentioned the fruitful meeting between PM Narendra Modi and PM Jacinda Ardern at the recent South East Asia Summit.

“India is the world’s largest democracy and New Zealand’s most developed relationship in South Asia. India’s economic growth is strong and forecast to remain so, infrastructure is rapidly expanding, the ease of doing business is improving and incomes are rising. It is forecast to be the world’s most populous country by 2025. That population will be young and increasingly well-educated.

“Commercial success in India depends on being able to demonstrate how New Zealand can add value to India’s agenda to transform the lives of its people - indeed this is one of the key criteria by which India will decide whom to engage with,” he said.

Mr Peters said that a framework is needed to give businesses confidence to invest in India, whether that be a free trade agreement or something else.

“A comprehensive economic partnership remains the focus of New Zealand’s trade relationship with India, which we are pursuing through two pathways; a bilateral Free Trade Agreement, and the also through the pluri-lateral Regional Comprehensive Economic Partnership, or RCEP negotiations.”

If RCEP is successfully concluded, it will provide a single set of rules, covering comprehensive high quality commitments, including on market access, for almost half the world’s population. At present, the immediate prospect for securing trade liberalisation into India is through the RCEP track.

Mr Peters concluded, “RCEP builds on New Zealand’s already strong relationships in Asia, and will, we hope, open up more opportunities for New Zealand businesses in these fast growing economies. We have identified India as a key relationship – and one in which we need to invest genuine time and effort. India MATTERS to New Zealand.”

The evening ended with a cultural dance by Simar and Sarnai, two students of Mt Roskill School, who enthralled the audience with their performance.

About the NZITA

The NZITA is a not for profit organisation created to actively promote a closer economic relationship agreement in goods and services between New Zealand and India with mutual advantages for both countries and members of NZITA.

ends

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