(MENAFN- KNN India)
New Zealand to explore facilitation of UPI system, carbon credit cooperation with India
New Delhi, June 9 (KNN)
Some of the areas New Zealand intends to explore in relation with India includes promotion of Unified Payment Interface (UPI) system, carbon credit co-operation, and economic co-operation through sectoral arrangements, said the New Zealand High Commissioner, David Pine on Thursday.
In his brief remark at the first Round Table Joint Meeting between India and New Zealand, he emphasized on collective efforts keeping in mind the principles of mutual benefits, proportionality, facilitating trade and association with private sectors.
The meeting was attended by the industry and industry associations of both the countries in New Delhi.
The meeting was co-chaired by the Additional Secretary, Department of Commerce, Government of India, Rajesh Agarwal and High Commissioner of New Zealand in India, David Pine.
Both the countries also aim to work together on specific issues like the comprehensive proposal made by Zespri and prioritization of requests on non-tariff measures for bilateral gains to the businesses of both the sides.
Looking at the present quantum of bilateral trade between the two countries, both sides acknowledged the huge potential in India and New Zealand partnership and the need for bringing in synergy for enhanced economic relations in areas of mutual interest.
It was a common understanding that there is a need to work beyond any free trade agreement and explore other areas where both can complement each other.
The discussions also focused on taking forward the objectives of the Joint Trade Committee (JTC), formed under the Bilateral Trade Agreement of 1986.
Rajesh Agarwal appreciated the positivity in discussion leading to tentative identification of various areas of cooperation including the facilitation of UPI system, carbon credit, package proposal on Kiwi fruits, trans-shipment hub, prioritization of bilateral trade issues for their timely resolution, collaboration on technology issues, cooperation in services such as work visa related issues, improving the banking relations further, etc.
He emphasized on the need for a proactive operational framework for mutual benefit by creating working groups which would feed to the Joint Trade Committee with concrete ideas and the solution thereof.
The Indian industry representative from services sectors like IT and ITeS, logistics and banking sector as well as manufacturing sectors namely food processing, pharmaceuticals, automobile, construction and power made useful interventions on the bilateral issues and the huge potential and ample opportunities available between both the economies which needs to be nurtured through such interactions and actions thereof.
The industry and industry associations from the New Zealand side, while calling it a significant moment in the economic relationship between the two countries, emphasized on the need to speed up the activities and continue the dialogue in a more structured way like the present one.
Both the sides were unanimous on the need for having more government to industry dialogues for concrete mutual benefits.