The Business Bytes
New Delhi, May 02, 2024 (TBB Bureau): During the recent visit of India’s Commerce Secretary Sunil Barthwal to New Zealand on April 26-27, both nations engaged in discussions aimed at enhancing collaboration in various sectors to bolster bilateral trade ties. The talks centered around fostering cooperation in areas such as pharmaceuticals, digital trade, and cross-border payment systems, reflecting a mutual commitment to expand economic partnerships.
The Indian commerce ministry highlighted the significant potential for furthering bilateral trade between the two economies. Deliberations during the meetings focused on reviewing progress on market access issues, exploring economic cooperation projects, and identifying opportunities for new initiatives. Both sides expressed a keen interest in establishing a robust bilateral economic dialogue architecture and forming working groups across sectors like Agriculture, Food Processing, Storage and Transportation, Forestry, and Pharmaceuticals to facilitate ongoing collaboration on key trade and economic matters.
In addition to discussions on increasing cooperation in sectors such as kiwi fruit and dairy, the meetings addressed various bilateral trade issues of mutual interest. These included market access challenges, non-tariff barriers, and sanitary and phytosanitary measures on products like grapes, okra, and mangoes. Both parties reaffirmed their commitment to resolving these issues through constructive dialogue and cooperation.
Notably, talks also touched upon the Mutual Recognition Arrangement (MRA) in organic products and simplified homologation, emphasizing the importance of mutual recognition of comparable domestic standards for vehicles. The commitment to address regulatory hurdles and streamline processes reflects the shared goal of facilitating smoother trade flows between India and New Zealand.
Furthermore, collaboration in the pharmaceuticals and medical devices sectors received significant attention during the discussions. Both nations explored avenues for expediting regulatory processes and ensuring quality assessments of manufacturing facilities. The adoption of measures to fast-track these processes underscores the commitment to enhancing trade ties in critical sectors vital for public health and well-being.
As India and New Zealand reaffirm their commitment to strengthening bilateral trade relations, these collaborative efforts signal a promising trajectory for deeper economic engagement and mutual prosperity.
