New Delhi [India]: The Confederation of Indian Industry (CII) has called upon domestic exporters, especially Micro, Small, and Medium Enterprises (MSMEs), to reach out to New Zealand buyers, look into product-specific rules of origin, and take advantage of schemes such as the Export Promotion Mission to make the most of the recently implemented bilateral Free Trade Agreement.
The two countries have entered into force a free trade agreement on October 20 to boost trade and investment ties. Sanjay Budhia, chairman of CII’s National Committee on Exports and managing director (MD) of Patton International Limited, said New Zealand can also become a medium to access the wider Oceania and Pacific island markets. Oceania is a geographical area of islands and landmasses spread over and around the Pacific Ocean.
“I urge exporters, especially MSMEs, to act quickly, reach out to New Zealand buyers, check product-specific rules of origin and take full advantage of schemes like export promotion mission,” he said. New Zealand can also become a means of accessing the wider Oceania and Pacific Island markets. ’’
Budhia said the agreement provides duty-free access to Indian exporters across all duty categories in New Zealand. The duty on products such as engineering goods, textiles, leather and footwear has now come down to zero from 10 per cent. The agreement is expected to benefit multiple industries, including engineering goods, chemicals, plastics, electronics, pharmaceuticals, and processed foods. Along with this, labour-intensive sectors such as textiles and leather will also benefit.
Simplification of procedures related to sanitary and phytosanitary measures (SPS) and technical barriers to trade (TBT), electronic certification and acceptance of Good Manufacturing Practices (GMP) and Good Clinical Practices (GCP) inspection reports will also help in reducing compliance costs, he said.
[DD News]