India and New Zealand
have agreed to foster greater cooperation in the education sector
through an Educational Exchange Programme (EEP). Both countries
have welcomed in-principle the concept of EEP and decided that
discussions would be encouraged between counterpart agencies
on this subject. In the food processing sector, India has stated
that it would examine whether apple imports could be facilitated
during off-season, especially in south Indian markets, in response
to request from New Zealand side for the reduction in tariff
on apples,. This is indicated in the Agreed Minutes of the 8th
India-New Zealand Joint Trade Committee, which was signed here
yesterday evening by Shri Vinay Bansal, Additional Secretary,
Ministry of Commerce & Industry, who led the Indian delegation
and Dr.Richard Grant, Deputy Secretary, Foreign Affairs &
Trade, and leader of the New Zealand delegation.
Both sides noted
that the present level of bilateral trade (US $ 144 million
in 2002-03) does not reflect the true potential and agreed to
make joint efforts to raise it to new levels. On the issue of
market access, Indian side requested New Zealand for reduction
in tariffs on textiles, clothing and footwear in which there
had been negative growth in exports to New Zealand. The New
Zealand side informed that its tariff policy review outcome
would provide positive results for these items. The New Zealand
side reiterated its request for reduction in tariff on apples,
sawn timber, fibreboard, food processing equipment, dairy machinery
and commercial refrigerators and freezers. The two sides agreed
to give due consideration to each other’s requests on tariff.
The two sides exchanged
views on regional trade and economic developments, including
India’s growing economic engagement with ASEAN and New Zealand’s
involvement in the AFTA/CER Closer Economic Partnership. Both
sides also discussed WTO issues. Both sides noted that though
progress had been made in bilateral trade, the present level
still did not reflect the true trade potential between the two
countries. Regarding supply of New Zealand food products to
Indian market it was agreed that the representatives of New
Zealand Safety Authority would meet their counterpart in the
Ministry of Agriculture to clarify the certification procedures.
The two countries
recognised the need of greater two-way investment flow since
both the countries had an open and transparent foreign investment
regime. The cumulative investment from New Zealand has reached
US $ 99.9 million from 1991 till June 2003. The Indian side
invited participation of New Zealand in the prestigious multi-product
international trade fair scheduled at New Delhi in November
2003 as also in the INDIASOFT 2004 in February 2004. It was
agreed that the next meeting of the JTC would be held in New
Zealand on a mutually convenient date.
The principal products
of Indian export include cotton yarn, fabrics, made-up etc.,
gems & jewellery, drugs, pharmaceuticals & fine chemicals,
inorganic, organic and agro chemicals etc. The major products
of Indian import include wool raw, coal, coke and birquities,
raw rides and skins, leather, wood and wood products, newsprint
etc.
