Mumbai (Maharashtra) [India], August 21 (ANI): India, New Zealand and Australia see significant scope to expand trade and investment ties through greater cooperation in areas such as critical minerals, agricultural technology, space, clean energy and education, senior officials from the two countries said on Friday.
New Zealand Trade and Enterprise Consul General Graham Rouse said the recently upgraded India-New Zealand strategic partnership has set an ambition to double bilateral trade over the next three years, with the proposed free trade agreement expected to create further opportunities once it comes into force.
"That sounds like a very ambitious target, but actually that has already happened in the previous three years," Rouse said, noting that bilateral trade had doubled even without an FTA.
He was speaking on the sidelines of CII 7th Global Trade Scenario in Mumbai.
He said the agreement was still being ratified by both governments and businesses in India and New Zealand were waiting to take advantage of it. Rouse also highlighted opportunities for New Zealand companies to work with Indian MSMEs, saying companies from both countries could build relationships based on similar size and values.
"At these times, the most important thing is trusted friends, and we have shown, both India and New Zealand have shown that we are trusted friends for each other," Rouse said.
He pointed to agricultural technology as one area for greater cooperation, particularly in improving apple yields in India. New Zealand, he said, has an average apple yield of 50,000 tonnes per hectare compared with 8,000 tonnes per hectare in India, while the two countries' production seasons are complementary.
Rouse also identified space technology as another potential area, noting that New Zealand and India already have technological links in the sector.
Australian Consul General in Mumbai Paul Murphy said Australia was also looking to expand its economic engagement with India, with bilateral trade currently around $50 billion and a target of $100 billion by 2030.
He said Australia saw opportunities across renewable energy, critical minerals, education and the electric vehicle supply chain. Australia, he added, is the world's largest source of lithium and wants to contribute to India's transition towards EVs.
Murphy also highlighted growing Australian participation in India's education ecosystem, including universities in GIFT City, and said Australian financial institutions were exploring opportunities there.
On critical minerals, he said Australia could supply raw materials to Indian manufacturers as they move further up the global supply chain.
"We're very optimistic, and I think that we'll see this deepen and broaden over time," Murphy said, adding that both governments were working to support greater cooperation.
The two officials also pointed to opportunities in sports technology, with an Australian sports technology and industry group expected to visit Mumbai in December to explore partnerships with Indian counterparts. (ANI)
New Zealand, Australia eye deeper India ties in trade, critical minerals, technology
