By IRNA,
New Delhi : India and New Zealand on Friday agreed for an early commencement of Free Trade Ageement negotiations.
“The great potential exists between the two countries to substantially develop trade relations”, said India’s Union Commerce and Industry Minister, Kamal Nath, (picture), talking to reporters in New Delhi after a bilateral meeting with his New Zealand counterpart Mr Tim Groser.
He said India’s trade with New Zealand is growing at the rate of 40 per cent per annum. Major items of India’s export to New zealand include gems and jewellery, medicines, textiles, iron and steel products and tyres.
FDI inflows from New Zealand to India have been 16.8 million US dollars and the country majorly invests in power, food processing indistries and computer software.
Speaking on the WTO Doha Round Negotiations, Nath emphasised that India has been engaging constructively and actively with other fellow member countries for an early conclusion, provided the developed countries are willing to show necessary flexibility and added “it is expected that based on these negotiations, further revised texts would be brought out during March/April 2009.”