Will India ink a free trade agreement with NZ?
Beef+Lamb New Zealand (B+LNZ) has welcomed the New Zealand Government's announcement that comprehensive free trade agreement (FTA) negotiations have formally commenced with India.
The forecasts were released today in the latest Situation and Outlook for Primary Industries (SOPI) published by the Ministry for Primary Industries. The report was launched at the Fieldays in Hamilton.
Agriculture Minister Todd McClay says this achievement is testament to the hard work and resilience of farmers, growers, processors, fishers and foresters.
Amid global inflation and lower demand, this year’s forecast result is a 5% dip on last year’s record $57.4b. However, export revenue is expected to lift significantly over the coming four years, with sustained growth forecasting a record $66.6b in 2028.
“The Coalition Government has set the aspirational goal of becoming an exporting powerhouse by doubling the value of our exports in 10 years. Our food and fibre sector will be pivotal to achieving this goal,” McClay says.
“As a small exporting economy, the Government is committed to easing the path for New Zealand’s exports and tackling barriers faced by our food and fibre exporters.
“My visits to China, the Gulf regions, India, and Southeast Asia are already paying dividends, with negotiations kicking off on a Comprehensive Economic Partnership Agreement with the United Arab Emirates to open up new commercial opportunities for our exporters.
“It is only through the continued growth of New Zealand’s high quality, safe and sustainable exports that our economy is boosted, our cost of living reduced and the public services Kiwis deserve are funded,” McClay says.
Fisheries Minister Shane Jones says to grow New Zealand’s exports and continue providing vital food and fibre needed here too, the country needs the right settings, tools, and support for producers.
“The Government is working to ensure regulations are less costly and bureaucratic while protecting our environment, as our domestic and overseas consumers expect.
“An example of this is the recent introduction of the Resource Management (Extended Duration of Coastal Permits for Marine Farms) Amendment Bill. It will extend current resource consents for marine farms by up to 20 years, removing a significant burden on the aquaculture industry and providing certainty for the future of marine farms.”
