New Zealand hails 'breakthrough' in trade talks with India, but no timeline for deal

New Zealand's deputy prime minister said on Friday that talks over a free trade agreement between his country and India were ongoing, but he didn't provide a timeline for when the two nations could eventually sign a deal.
Winston Peters, who is on a two-day visit to India, said that the negotiations were 'going with real meaning now," calling them 'a breakthrough in our economic relationship.'
India and New Zealand began negotiations in March for a trade pact, and had aimed to sign a deal in 60 days. The deal will significantly bolster economic ties between the two countries, but it has faced delays because of differences over tariffs on dairy products.
Bilateral trade between India and New Zealand stood at $1.7 billion in the 2023-24 financial year.
Talks between India and New Zealand were taking place amid global trade tensions, after U.S. President Donald Trump's decision to impose now-paused reciprocal tariffs on imported goods from several countries, including India.
Earlier this month, India and the United Kingdom clinched a trade deal. India is also engaged in trade talks with Washington.
Peters, who met with India's Group of 20 emissary, Amitabh Kant, in New Delhi, said that India was New Zealand's 12th-largest partner in trade and 'we are determined that we're going to work to change that.'
"Our strengths, from food and beverage products to agriculture, forestry, horticulture, education and tourism are world class. And our innovation in areas like outer space and renewable energy will find a welcoming partner in India," he said.
Peters said that the relationship between the two countries extended to defense and security, calling it a 'priority for New Zealand in the Indo-Pacific."
"During a time of great uncertainty, instability and disorder, we have taken steps to work more closely on matters of defense and security with India," he said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Reuters

an hour ago

• Reuters

Japan's yen sinks as spike in crude oil overpowers safe-haven appeal

TOKYO, June 23 (Reuters) - The Japanese yen, normally one of the most sought after safe havens in times of geopolitical stress, has dropped 2.4% against the U.S. dollar and 1.4% against the Swiss franc since Israel launched missile attacks against Iranian nuclear and military targets on June 13. Japan imports almost all its oil, meaning the spike in crude since the start of the conflict threatens to worsen the country's trade balance, diminishing the yen's appeal. When Russia invaded Ukraine on February 24, 2022, the yen weakened against the dollar on the same day and then lost some 11.5% over March and April. Speculative positioning is still heavily skewed towards a stronger yen, potentially foreshadowing a major shift by hedge funds as they cover those positions. The yen exchange rate has a knock-on effect for Japanese stocks as well, with a weaker yen tending to support the market because it increases the value of overseas revenue for the country's heavyweight exporters. However, the effect may be short-lived because of the jump in manufacturing costs from higher energy prices. For Japan's unpopular government too, a weak yen fans inflation when people are already struggling with higher prices, particularly for rice. That's not a good omen ahead of crucial upper house elections next month. "A rise in crude oil prices causes a deterioration not only in Japan's trade balance but also its terms of trade, so it fundamentally acts to weaken the yen," Citi analysts wrote in a recent client note, while reiterating forecasts for the yen to weaken to 150 per dollar by September. With the Bank of Japan also striking a dovish posture at last week's policy meeting, the compounded downward pressure on the yen from oil's rally could be amplified, they said.

Reuters

an hour ago

• Reuters

China's auto dealers urge automakers to pay cashbacks within 30 days

BEIJING, June 23 (Reuters) - Chinese auto dealers on Monday urged automakers to pay cashback incentives within 30 days to help to alleviate their financial pressures. The China Auto Dealers Chamber of Commerce called for quicker payment after it conducted a survey that found it could take as long as 180 days for dealerships to receive the cashbacks.

The Independent

2 hours ago

• The Independent

Trump says he should get Nobel Peace Prize - hours before US bombs Iran

Donald Trump reignited his claim for the Nobel Peace Prize, asserting his pivotal role in resolving various global conflicts. Hours before the US bombed nuclear sites in Iran's Furdow, a reporter questioned the US President about a suggestion from Matt Gaetz regarding peace efforts between Israel and Iran. Mr Trump highlighted his involvement in the India - Pakistan conflict, saying, 'I mean the big one is India and Pakistan. You could, I should have gotten it four or five times.' While Pakistan has publicly thanked Trump for his intervention in the ceasefire, India has consistently maintained its stance, affirming it would 'never accept third-party negotiation.'