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Labour Leader Chris Hipkins
The Labour Party has announced it will support New Zealand's free trade agreement (FTA) with India.
However, Labour Leader Chris Hipkins is warning businesses to proceed with caution and do their own due diligence.
"New Zealand businesses need to go into this with their eyes wide open," Hipkins says.
The deal, set to be signed in New Delhi on 27 April, was announced before Christmas last year.
Labour's support is required for the deal to come into effect because coalition partner NZ First withdrew it's support, with Winston Peters claiming the deal is "neither free nor fair".
Hipkins says that while the deal cuts tariffs and increases market access for New Zealand exporters, its $33 billion investment target is unrealistic and missing that target could mean benefits of the deal are "clawed back in 15 years".
"While Todd McClay says it's all aspirational, India is already setting up oversight and has signalled it will enforce the clawback," he says.
“This is not the deal Labour would have negotiated, but we value our relationship with India and the positive contributions of our Indian communities,” Hipkins says.
The Government has now committed to an expanded labour inspectorate at the next budget; faster visa changes; and prioritisation of the Modern Slavery Bill.
Hipkins says his party's position on the FTA is now settled.
"Our expectations, both on implementation of the commitments above, and on how this Government conducts itself toward the communities affected, are not negotiable," he concludes.
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