Wellington: New Zealand said on Tuesday it will work to deepen trade ties with Brazil and Canada to diversify export markets amid global economic uncertainty, as a free trade agreement with India came into force.
The announcements come ahead of New Zealand's closely fought November 7 election, with Trade and Investment Minister Todd McClay presenting the measures as part of a broader target to double the value of exports by 2034. The first New Zealand-Brazil Trade and Investment Dialogue is expected to be scheduled after Brazil's October 25 election runoff and New Zealand's vote.
Also read: India-New Zealand FTA to kick in October 20, opening market opportunities for exporters
From Tuesday more than half of New Zealand's exports to India are tariff-free and this will rise to 82% over time. Tariffs have been removed on products including sheep meat, wool and coal, while apples, kiwifruit and milk albumins will receive preferential quota access. "The gains go well beyond exports. They reach suppliers, local businesses and the towns that depend on them," McClay said.
The statement said New Zealand and Brazil would establish a Trade and Investment Dialogue covering trade, investment, World Trade Organization reform and possible future trade negotiations.
New Zealand and Canada would create an annual dialogue between senior officials, followed by annual trade-minister meetings.