India is a top priority for our government: Tim Groser
The Minister for Trade and Climate Change Issues, Tim Groser, while speaking in the well-attended INZBC hosted event Business Without Barriers, assuaged any anxiety in unequivocal terms about the perceived lack of focus of current government in deepening bilateral trade between New Zealand and India. The statement that "India is a top priority for our government," and his emotional energy evident in making this statement, were enough to drive the message across the business community and other stakeholders with interests in promoting bilateral trade and overall relations between the two countries. The event organised by INZBC and hosted by their strategic partner Westpac was a success.
There were two notable observations about this event. First, there was no belabouring by any speakers in the event that why NZ-India bilateral trade was important for everyone. Second, and in some respect probably more important than the first, was the fact that Minister Groser, who had recently returned home after signing the significant agreement on Trans-Pacific Partnership, chose to speak passionately from this platform, about the perceived concerns among some sections of New Zealand public about the outcome of this agreement.
It was a clear reflection of maturing of INZBC—an organisation committed to the promotion of bilateral trade between New Zealand and India—to an extent that the need for strong bilateral trade relations has become a general acceptable common wisdom. It was also a subtle reflection of INZBC's proximate situation with the New Zealand government that it provided enough comfortable space to the Minister to speak about an issue (TPP) so important to all New Zealanders. In fact the question, and urgency, about promoting NZ-India bilateral trade was discussed within the broad contours of the recently signed TPP agreement, thus making this event even more relevant for everyone.
The event was graced by few other notable speakers apart from the honourable Minister that included Sandeep Sood, His Excellency Charge de Affairs, Indian High Commission Wellington, Satish Ranchod, Senior Economist Westpac, and Paul Smith from Ernest & Young.
The welcome address was delivered by Bhav Dhillon, Treasurer INZBC, who welcomed all guests and presented a brief overview of INZBC's achievements in promoting business environment between New Zealand and India.
His Excellency Sandeep Sood enlightened everyone in the audience about the much-talked about change, in India's "investment-climate" under the aegis of current Prime Minister's Make in India initiative. He presented some impressive statistical figures about steady increase in India's FDI inflows and an improvement in general perception about India as a favourable investment destination, thus suggesting NZ businesses that investing in India would be a smart choice in current global financial environment.
Satish Ranchod, as expected from a seasoned economist, presented a comparative overview of current state of health of New Zealand and Indian economy, and advised an exercise of caution in future expectations about growth in bilateral trade. Paul Smith provided valuable inputs for prospective New Zealand exporters, especially with interest in Indian market, about day-to-day challenges experienced by exporters in both, engaging in indirect (and direct) tax regimes of target markets, and in gaining favourable tax-rebates at home with NZ government.
The fact that Minister Tim Groser was quick to seek more clarification then and there itself about a rough estimate of lost funds in such exercise by kiwi exporters, was an indication of Minister's responsiveness towards our exporters, and a welcome relief for many who have some apprehensions about Minister's intentions.
What made this event interesting was the Trade Minister's choice to explain New Zealand government's views on bilateral trade with India. The Minister affirmed government's view that "in absence of international progress towards a global multilateral trade agreement, it was in best interest of New Zealand to focus on large trade blocs that provided entry to large markets."
While agreement on TPP ensured that NZ has preferential access to a market of around 40 per cent of world GDP, India equally presented a vast opportunity. It is a market of fast-growing middle class with increasing demands for consumer goods and services. Minister asserted that the New Zealand government is fully aware of India's huge potential and in fact "our priority never shifted on India, and it remains a top priority for NZ." In fact, he went on to assert that "we need not to be obsessed with FTA" in deepening our bilateral trade relations. Probably he was trying to clear the air on perceptions held in some quarters within the business community, that the delay in negotiations on FTA is creating a lull, and holding back NZ government from deepening bilateral trade.
Minister expressed satisfaction in "tremendous success story on migration from India," among other flourishing sectors such as education that were flourishing without FTA between the two countries. Although he expressed hope that two countries could do better in other sectors such as agriculture where "New Zealand was a definite super-power and has lot to offer to world." New Zealand's cutting edge agricultural technology and best management practices have the potential to add value to India's vast agricultural sector.
Minister was also hopeful that the recent signing of agreement on TPP by some of the major trading nations in the Asia-Pacific region would expedite India's own push for liberalisation of its economy and surge to participate in regional trade-bocks. On being asked to explain the basis of such hope, he pointed towards the "logic of comparative liberalisation" that drives modern day governments. He further asserted that "politics is a mixture of emotion and precision," thus implying that no responsible government these days can afford "to keep their nation's businesses out of fast moving business (of maturing regional trading blocs)."
The event was attended by leading business leaders and also by Dr Parmjit Parmar and Kanwaljit Bakshi, members of Parliament. The evening concluded with an announcement by Mr Anthony Wenceslaus, former Chair INZBC, of collaboration between INZBC and British New Zealand Business Association (BNZBA). Valerie Taylor, Executive Director, BNZBA was present on the occasion to sign an MOU between the two organisations.
There was an agreement to mutually share the benefits enjoyed by members within their respective councils and association. It was another achievement in the long list of successes by INZBC in creating favourable business opportunities for its members and larger business community in New Zealand. An impressive array of drinks and nibbles aided by the nice spring weather were a perfect setting for post event networking on the Westpac terrace.
The Minister for Trade and Climate Change Issues, Tim Groser, while speaking in the well-attended INZBC hosted event Business Without Barriers, assuaged any anxiety in unequivocal terms about the perceived lack of focus of current government in deepening bilateral trade between New Zealand and...
The Minister for Trade and Climate Change Issues, Tim Groser, while speaking in the well-attended INZBC hosted event Business Without Barriers, assuaged any anxiety in unequivocal terms about the perceived lack of focus of current government in deepening bilateral trade between New Zealand and India. The statement that "India is a top priority for our government," and his emotional energy evident in making this statement, were enough to drive the message across the business community and other stakeholders with interests in promoting bilateral trade and overall relations between the two countries. The event organised by INZBC and hosted by their strategic partner Westpac was a success.
There were two notable observations about this event. First, there was no belabouring by any speakers in the event that why NZ-India bilateral trade was important for everyone. Second, and in some respect probably more important than the first, was the fact that Minister Groser, who had recently returned home after signing the significant agreement on Trans-Pacific Partnership, chose to speak passionately from this platform, about the perceived concerns among some sections of New Zealand public about the outcome of this agreement.
It was a clear reflection of maturing of INZBC—an organisation committed to the promotion of bilateral trade between New Zealand and India—to an extent that the need for strong bilateral trade relations has become a general acceptable common wisdom. It was also a subtle reflection of INZBC's proximate situation with the New Zealand government that it provided enough comfortable space to the Minister to speak about an issue (TPP) so important to all New Zealanders. In fact the question, and urgency, about promoting NZ-India bilateral trade was discussed within the broad contours of the recently signed TPP agreement, thus making this event even more relevant for everyone.
The event was graced by few other notable speakers apart from the honourable Minister that included Sandeep Sood, His Excellency Charge de Affairs, Indian High Commission Wellington, Satish Ranchod, Senior Economist Westpac, and Paul Smith from Ernest & Young.
The welcome address was delivered by Bhav Dhillon, Treasurer INZBC, who welcomed all guests and presented a brief overview of INZBC's achievements in promoting business environment between New Zealand and India.
His Excellency Sandeep Sood enlightened everyone in the audience about the much-talked about change, in India's "investment-climate" under the aegis of current Prime Minister's Make in India initiative. He presented some impressive statistical figures about steady increase in India's FDI inflows and an improvement in general perception about India as a favourable investment destination, thus suggesting NZ businesses that investing in India would be a smart choice in current global financial environment.
Satish Ranchod, as expected from a seasoned economist, presented a comparative overview of current state of health of New Zealand and Indian economy, and advised an exercise of caution in future expectations about growth in bilateral trade. Paul Smith provided valuable inputs for prospective New Zealand exporters, especially with interest in Indian market, about day-to-day challenges experienced by exporters in both, engaging in indirect (and direct) tax regimes of target markets, and in gaining favourable tax-rebates at home with NZ government.
The fact that Minister Tim Groser was quick to seek more clarification then and there itself about a rough estimate of lost funds in such exercise by kiwi exporters, was an indication of Minister's responsiveness towards our exporters, and a welcome relief for many who have some apprehensions about Minister's intentions.
What made this event interesting was the Trade Minister's choice to explain New Zealand government's views on bilateral trade with India. The Minister affirmed government's view that "in absence of international progress towards a global multilateral trade agreement, it was in best interest of New Zealand to focus on large trade blocs that provided entry to large markets."
While agreement on TPP ensured that NZ has preferential access to a market of around 40 per cent of world GDP, India equally presented a vast opportunity. It is a market of fast-growing middle class with increasing demands for consumer goods and services. Minister asserted that the New Zealand government is fully aware of India's huge potential and in fact "our priority never shifted on India, and it remains a top priority for NZ." In fact, he went on to assert that "we need not to be obsessed with FTA" in deepening our bilateral trade relations. Probably he was trying to clear the air on perceptions held in some quarters within the business community, that the delay in negotiations on FTA is creating a lull, and holding back NZ government from deepening bilateral trade.
Minister expressed satisfaction in "tremendous success story on migration from India," among other flourishing sectors such as education that were flourishing without FTA between the two countries. Although he expressed hope that two countries could do better in other sectors such as agriculture where "New Zealand was a definite super-power and has lot to offer to world." New Zealand's cutting edge agricultural technology and best management practices have the potential to add value to India's vast agricultural sector.
Minister was also hopeful that the recent signing of agreement on TPP by some of the major trading nations in the Asia-Pacific region would expedite India's own push for liberalisation of its economy and surge to participate in regional trade-bocks. On being asked to explain the basis of such hope, he pointed towards the "logic of comparative liberalisation" that drives modern day governments. He further asserted that "politics is a mixture of emotion and precision," thus implying that no responsible government these days can afford "to keep their nation's businesses out of fast moving business (of maturing regional trading blocs)."
The event was attended by leading business leaders and also by Dr Parmjit Parmar and Kanwaljit Bakshi, members of Parliament. The evening concluded with an announcement by Mr Anthony Wenceslaus, former Chair INZBC, of collaboration between INZBC and British New Zealand Business Association (BNZBA). Valerie Taylor, Executive Director, BNZBA was present on the occasion to sign an MOU between the two organisations.
There was an agreement to mutually share the benefits enjoyed by members within their respective councils and association. It was another achievement in the long list of successes by INZBC in creating favourable business opportunities for its members and larger business community in New Zealand. An impressive array of drinks and nibbles aided by the nice spring weather were a perfect setting for post event networking on the Westpac terrace.
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