New FTA Deal Could Multiply NZ and India’s Trade in Radiata Pine
With the fourth round of negotiations in Auckland, ministers and industry leaders say tariff relief, sanitary rules and two‑way trade missions could grow New Zealand’s trade with one of the world’s fastest growing markets.
New Zealand and India are moving closer to a long-sought-after free trade agreement, with New Zealand’s forestry sector set to reap significant benefits from growing trade between the two countries. It comes as Piyush Goyal, India’s Commerce and Industry Minister, is in Auckland for the fourth and latest round of free trade talks between the two countries.
Standing before a large Indian business delegation at the India‑New Zealand Business Forum, Goyal urged both countries to explore new avenues of cooperation across sport, education, technology, tourism, maritime affairs, and, of course, forestry.
Delegates from New Delhi and Wellington began talks on Monday, November 3, with a focus on trade in food, services and rules of origin. Speaking to New Zealand media today, officials said the talks are constructive, with Goyal revealing that New Zealand traders stand to benefit from India’s vast and rapidly growing marketplace, while India can leverage New Zealand’s technological expertise and niche capabilities to build mutually rewarding cooperation.
India is one of New Zealand’s most important log export markets
New Zealand’s forest products sector, which has already seen a surge in pulp exports and higher-value wood products, stands to gain significantly from tariff relief, clearer sanitary and phytosanitary rules, and deeper regulatory cooperation that could see trade between the countries grow exponentially far beyond the NZ$326 million peak pre-COVID pandemic.
As it stands, New Zealand’s trade with India is worth NZ$3.14 billion, with forest products alone valued at NZ$126 million (also comprising a surge in wood products, now worth NZ$76.5 million, up from NZ$9.5 million in 2023).
“India is one of the fastest growing markets for our forestry exports – and we’re focused on turning that growth into a long-term opportunity for New Zealand exporters,” according to Todd McClay, New Zealand’s Minister of Agriculture, Forestry, Hunting and Fishing, Trade, and Associate Minister of Foreign Affairs, who in May said that increased engagement with India is already delivering results. “Our relationship with India is a priority, and forestry is a key part of that. The goal is clear – to grow the market, remove barriers and drive better returns back to New Zealand’s foresters and processors.”
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Source: https://woodcentral.com.au/new-fta-deal-could-multiply-nz-and-indias-trade-in-radiata-pine/