NEW ZEALAND INVITED TO INVEST IN
INDIA
AGREED
MINUTES OF INDIA-NEW ZEALAND JTC SIGNED
India has invited
New Zealand companies to invest in the country, while underlining
the ongoing liberlisation of India’s FDI policy as well as the
process of economic reforms undertaken to enhance the flow of
FDI into India. This is indicated in the Agreed Minutes of the
8th India-New Zealand Joint Trade Committee, which
was signed here on 14th October by Shri Vinay Bansal,
Additional Secretary, Ministry of Commerce & Industry, who
led the Indian delegation and Dr. Richard Grant, Deputy Secretary
of Foreign Affairs & Trade, who led the New Zealand delegation.
Both sides have recognised the need for greater two-way investment
flows. Dr. Grant said that New Zealand had no constraints on outbound
investment and also had an open and transparent foreign investment
regime.
The two sides agreed
to give due consideration to each other’s requests on market access
issues. In response to India’s request for reduction in tariffs
on textiles, clothing and footwear, 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.
In turn, Indian side stated that it would examine whether apple
imports could be facilitated during off-season, especially in
south Indian markets.
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 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.
