Importance of India highlighted by trade talks and soaring business confidence
On the back of a further round of trade talks between New Zealand and India that were concluded last week, soaring Indian business confidence levels continue to underpin the importance of the world’s second biggest country to New Zealand. It ishe 10th round of negotiations to create a free trade agreement (FTA) between the two countries concluded last week, attended by five negotiators from the Ministry of Foreign Affairs and Trade, supported by the High Commission in India. Greg Thompson, National Director, Tax at Grant Thornton New Zealand, said that a recent International Business Review (IBR) survey of 35 countries showed India had the highest business confidence at 98% with New Zealand second equal with Ireland at 82%. “India’s business confidence levels have been high for some time and this buoyancy can only flow through to the rest of the economy and a continuation of the growth in trade between India and New Zealand,” he said. According to Ministry of Foreign Affairs and Trade, India is New Zealand’s 15th-largest bilateral trading partner. For the year ended June 2013, overall goods trade between the two countries was over NZ$ 1.1 billion. Of that total, $725.912 million was New Zealand exports going to India, making India our 12th-largest export destination. “Even this figure understates the importance of the Indian market, with exports having increased rapidly from just NZ$366 million five years earlier, reflecting India’s emerging economic power. “India is also a key services market and has quickly become New Zealand’s second-largest source of international students. There were 11,652 international fee-paying students from India in New Zealand in 2013, nearly double the number in 2008. “Over 29,000 Indians visited New Zealand in 2012, preferring to come during their summer (April to June) making them a valuable source of visitors for New Zealand’s autumn […]