Unlocking India and New Zealand’s trade potential

The India New Zealand Business Council (INZBC) released a discussion document suggesting a new approach to strengthening India -New Zealand trade relations.

The document, “India & New Zealand, A Relationship Ready For Its Next Phase,” indicates a shared consensus amongst the business community that a stronger partnership with India is crucial for New Zealand’s economic future.

As India is poised to become the world’s third-largest economy with the world’s largest national population, the report stresses the importance of enhancing trade ties and recognizing India’s growth potential. Despite efforts spanning 15 years, conventional trade agreements, including through the RCEP, have not been fruitful.

The INZBC advocates a fresh perspective, taking cues from Australia’s successful bilateral relationships, where formal trade agreements are an outcome, not a precursor. It also emphasizes the role of New Zealand’s Indian community, which forms 5% of the population, in fortifying these connections.