New Zealand to pursue trade relations with India 'through different means' if New Delhi does not join RCEP

New Zealand said on Thursday it would want to pursue its trading relationship with India "though different means" in case New Delhi does not join the Regional Comprehensive Economic Partnership (RCEP).

The Indian government had decided against joining the RCEP in November, last year, though the possibility of it signing the trade pact in the future remains open given that its key concerns are addressed.

"Yesterday, I met with Commerce Minister Piyush Goyal and discussed the issue (the RCEP). We know that India chose to stay out of RCEP, but if they continue to not participate in the pact (in the future), then we will obviously want to pursue our trading relationship through different means," New Zealand Minister for Trade and Export Growth David Parker told ANI on the sidelines of the India-New Zealand Business Forum', organized by FICCI

Parker also said that India and New Zealand need to further enhance their complementary socio-economic relations. "We see enormous potential for trade between the 2 countries. Given the size of our respective economies, our level of trade is quite low and we can do a lot for our mutual advantage."

In his address at the Business Forum, the minister had said that New Zealand has been engaging with various states in India to provide latest technology in agriculture, food storage and supply chain infrastructure to reduce food wastage. He added that New Zealand companies have started working with Indian businesses under the Make in India program.

Parker also emphasized on the need of adopting newer technologies to encourage innovations and bridge the gap between the two nations. "Trade policies play an important role. There is a lot that we can do together, and we are a progressive nation."

Highlighting the role of greater women entrepreneurs to the nation's GDP, Parker said that New Zealand is working to increase the number of women entrepreneurs in the overall trade. "According to the IMF, greater female participation boosts growth by up to 35 per cent of the GDP," he said adding that there are equal opportunities for women in India which will also contribute significantly to India's GDP growth.

New Zealand's Trade and Export Growth Minister also invited Indian companies to invest in New Zealand in potential areas like aviation, tourism, IT, ICT, education. "We have developed a new 'Trade for All' trade policy to ensure sustainable economic development and inclusive growth."

Sangita Reddy, President, FICCI said that India is not only a large market, but also a diverse one with an immense talent pool of all types.

"In this environment, the ability to use India as a sandbox of innovation and learning of creating, testing products and jointly taking these to the world. It is offering India and our global partners an opportunity to grow faster than they were growing earlier," Reddy said.