Move to Investigate FTA with India Welcomed

Wellington Chamber Welcomes Move to Investigate a FTA with India

The Wellington Regional Chamber of Commerce has welcomed the announcement that New Zealand is to investigate the possibility of a free trade agreement with India and pointed to several areas where Wellington has a lot to gain should such an agreement come to fruition.

Trade Minister Phil Goff has stated that there is agreement between India and New Zealand to study what the implications of a trade deal between the two countries might be.

“We strongly support the decision to pursue a Free Trade Agreement with India”, Chamber Chief Executive Charles Finny said today.

“New Zealand and India have had a longstanding relationship for many years but goods trade between the two countries has been relatively meagre. It is vital that the businesses relationship with India is strengthened.

“India is a fast growing economy of 1.1 billion people and it has taken steps in recent years to open up and become more outward looking. New Zealand exports to India are small but growing and so the trade relationship is increasingly important at this time.

“With its service sector orientation, the Wellington economy in particular has a lot to gain from closer economic relations with India - particularly in the IT, film and education sectors. These are areas which both India and Wellington excel in.

“Wellington also has an established and active Indian business community.

“We look forward to a decision to commence negotiations for a trade agreement between the two countries but we acknowledge there are a lot of issues to address first. We are keen to contribute positively to this study exercise”, Mr Finny concluded.

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