India, New Zealand officials to meet in Oct to push for FTA.

India and New Zealand will meet in October in Wellington to speed up the ongoing talks for a market opening pact, aims to enhance the USD 754 million trade between the two nations.

"Recently in Delhi, the second round of negotiations was held. The third round is scheduled in October in Wellington (capital of New Zealand). It will be at the Joint Secretary level," an official told PTI here.

The first round of formal talks was held in New Zealand in April this year.

Commerce and Industry Minister Anand Sharma last week met New Zealand Trade Minister Tim Groser in Vietnam on the sidelines of the India-Asean economic ministries meet.

Both the ministers reviewed the progress of the talks for the proposed free trade agreement.
According to the industry experts, the trade between the countries could grow to USD 4 billion in 10 years if a market-opening free trade agreement is signed.

New Zealand, a member of Organisation for Economic Co-operation and Development (OECD), has sizeable manufacturing and services sectors which complement a highly efficient agricultural sector.

Major items of India''s exports to New Zealand are gems and jewellery, medicines, textiles, iron and steel products tyres and parts of aeroplanes or helicopters. While imports include coal, wool, wood, metal waste or scrap and raw skins.
After operationalising an FTA with ASEAN, the 10-nation South East Asian bloc and South Korea in January this year, India is negotiating a slew of such pacts with Australia, Malaysia, the European Union and Japan.

Source : news.in.msn.com