India- New Zealand FTA to be Concluded in Next Ten Month: Anand Sharma- New Zealand to Provide a Growing Market for India’s Service Sector

The Minister of Commerce and Industry, Shri Anand Sharma and Trade Minister of New Zealand Tim Groser, concluded successful two day talks on the roadmap to propel forward the trade and economic relationship between India and New Zealand. Shri Sharma during interaction with his counterpart noted that, “New Zealand is an important trade partner of India in the energy sector. There are also important trade complementarities in the agricultural sector. What is important is also to deepen the relationship in the services trade, and bilateral investment, and build on the possibilities of cooperation in innovation and technology transfer”. He indicated that, the Services sector constituted a major portion of India’s GDP as well as exports and consequently India hoped that New Zealand would provide a growing market for India’s IT enabled Service sector. Financial services,t ourism and education were also identified as very promising areas of bilateral cooperation. Mr. Sharma called for a more liberalised regime to be put in place to allow greater inter-firm mobility for professionals, and to promote dialogueon mutual recognition arrangements and social security arrangements. He called for a working holiday scheme to be put in place between India and New Zealand.

India, New Zealand concerned over spiralling oil prices

Condemning the global level terror, India and New Zealand on Tuesday expressed ``serious concern’’ over the spiralling crude oil prices which they said would fuel inflation and negatively impact the economies around the world posing threat to the food and energy security issue.

Trade Negotiators given Guidelines

The Trade and Economic Relations Committee held its 17th meeting on the 29th April 2011 under the chairmanship of the Prime Minister.

The committee reviewed the status of the India-European Union Bilateral Trade and Investment Agreement and discussed the various issues involved in the negotiations. It was observed that concern has been raised by various quarters about the Indian stand on issues on Intellectual Property Rights, especially in the context of the Indian Pharma products. The Prime Minister firmly directed that the Indian side shall not take on any obligation beyond TRIPS/ Domestic Law.

India to launch FTA negotiations with Australia

The Prime Minister's Trade and Economic Relations Committee (TERC) on Saturday gave its nod for launching free trade agreement (FTA) negotiations with Australia. It also decided that India will not take Intellectual Property Rights (IPR) obligations beyond the domestic laws or mandated by World Trade Organization (WTO).