FTA With India Good To Grow New Zealand’s Economy

Labour Associate Ethnic Affairs Spokesperson Raymond Huo says a new Asia New Zealand Foundation (Asia: NZ) report emphasises the importance of a Free Trade Agreement with India.

Raymond Huo, who is also a board member of Asia: NZ, said the report, ‘New Zealand and the South-Asia Diasporas’ points out that no South Asian country features in the top 25 trading partners of New Zealand.

“With India tipped to become one of the world’s three largest economies within the next 40 years, it is vitally important for New Zealand to secure a FTA with India and other countries in the South Asian region,” said Raymond Huo.

“We have already seen how successful FTAs with Asia can be.
“New Zealand continues to reap the benefits of the FTA with China with exports to China over the year to June 2009 increasing by 62 percent, making China New Zealand’s second largest trading partner.

“From these statistics alone, it’s clear how vital FTAs with other Asian countries will be to New Zealand’s economy.
“With over 22,000 short-term visitors arriving from India and 6000 Indian students enrolled in New Zealand education institutions in 2008, a FTA with India seems to make sense.

“The benefits will be shared by both countries. Over recent years New Zealand has become a favored filming destination for Bollywood Films and the Southern Institute of Technology has begun a cricketing qualification, which has received large interest in India – the reciprocal benefits will be substantial.

“In an increasingly globalised world, it’s essential for New Zealand to form close relationships with the world’s most powerful economies,” said Raymond Huo.

The term South Asia refers to the group of countries that encompasses India, Nepal, Bhutan, Bangladesh, Sri Lanka, Pakistan and Afghanistan.

For a copy of the report, visit www.asianz.org.nz

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