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India, New Zealand look to boost collaboration in pharma, digital trade | External Affairs Defence Security News

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“Both parties reaffirmed their commitment to resolve these issues through constructive dialogue and cooperation,” the ministry said. Photo: Bloomberg

India and New Zealand are looking to increase collaboration in goods and services sectors like pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade.

Issues to promote trade through these collaborations were discussed during the recent visit of Commerce Secretary Sunil Barthwal to New Zealand from April 26-27.

The commerce ministry said that huge potential is there in both economies to further promote bilateral trade.

“The meetings reviewed progress on market access issues, economic cooperation projects and explored opportunities for new initiatives,” it said.

Both sides discussed the establishment of robust bilateral economic dialogue architecture and the creation of working groups in sectors like Agriculture, Food Processing, Storage and Transportation, Forestry and Pharmaceuticals to facilitate ongoing collaboration on key trade and economic issues.

Deliberations also included increasing cooperation in kiwi fruit as well as the dairy sector.

The meetings addressed bilateral trade matters of mutual interest, including issues related to market access, non-tariff barriers, and sanitary (human and animal health) and phytosanitary (plant health) measures on products like grapes, okra and mangoes.

Mutual Recognition Arrangement (MRA) in organic products, and simplified homologation, including through mutual recognition of comparable domestic standards for vehicles, also figured in the discussions.

“Both parties reaffirmed their commitment to resolve these issues through constructive dialogue and cooperation,” the ministry said.

Further, it said that collaboration in the areas of pharmaceuticals and medical devices was discussed at length, including the adoption of fast-tracking of regulatory processes and quality assessment of manufacturing facilities.

“Greater sourcing of medicines from India and cooperation in the medical device sector was also discussed,” it said, adding that “both parties briefly explored opportunities for collaboration in digital trade, meeting nationally determined contributions, cross-border payment systems, among others”.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: May 02 2024 | 5:35 PM IST