India and New Zealand to co-operate on boosting mutual trade

Aukland, New Zealand: India and New Zealand are expected to conclude a Free Trade Agreement (FTA) next year with the target of trebling bilateral commerce by 2014 from $1bn to $3bn. According to Indian Commerce and Industry Minister Anand Sharma, the two countries could cooperate in sectors such as agriculture, pharmaceuticals and dairy products.

Sharma believes that India has a great potential for investment in the agro processing and cold chain sectors. He says that India could use the expertise of New Zealand entrepenuers and companies who had a strong presence in these two sectors. “We are looking at an investment of $200 billion in this sector during the next three years time. We want the New Zealand participation in a greater manner in this engagement so that the Indian farmers get a better deal by reduction in the wastage incurred from transporting fruits and vegetables from farms to the markets,” he says.