India FTA negotiations start
The Herald reports:
India and New Zealand have begun negotiations for a free trade agreement which Trade Minister Tim Groser says will put New Zealand in a prime place to benefit from India’s economic growth. …
Mr Groser said a deal held “great promise” for New Zealand businesses and negotiators would target the high barriers to trade. India had a population of more than one billion and was expected to be the third-largest economy in the world by 2025.
India’s GDP currently is US1.2 trillion – around ten times the size of New Zealand’s
He expected negotiations to be prolonged. India was not one of New Zealand’s traditional trading partners, partly because the high trade barriers on major New Zealand exports, such as wood products and agriculture, had held back trade.
That suggests the benefits of an FTA with India could be a lot larger than with countries with relatively low barriers.
February 1st, 2010 at 9:06 am
how much an hour do they pay the kids that work for them?
February 1st, 2010 at 9:23 am
Go away Mr. Groser, and take your cronyist and corrupt Indian counterparts with you. Let business people conduct business.
250 times the population but only 10 times the economy. A nation of poor people.
February 1st, 2010 at 9:26 am
Would India have 0.05% of the population paying 70% of the taxes. ?
Perhaps they rely on customs duties for a large part of the revenue stream
February 1st, 2010 at 9:27 am
Oh ye of little vision.
One of the only two major countries not to slide into recession during the past few years.
RB, you dickhead, what the hell do you think an FTA is for, other than to let business people conduct business?
February 1st, 2010 at 9:35 am
Actually Im right ?
Going to the India budget numbers
http://indiabudget.nic.in/ub2009-10/afs.htm
Customs duties is 98,000 crore rupees
While taxes other than corporation tax is 106,800 crore rupees.
Their customs duties income for 2009- 2010 is about the same as their personal income tax revenue !
Expect the India ‘ FTA’ to be like China, ie very little in reduction in duties and more about other side issues like more Chefs working in NZ
February 1st, 2010 at 9:37 am
How much business have you conducted in India Adolf?
Try it sometime, and see how much relevance any FTA might have.
February 1st, 2010 at 9:49 am
Excellent, another oportunity for outsourcing our economy and income beckons.
February 1st, 2010 at 9:55 am
Hey Countess, you forgot the dairy owners!
Logs and timber will go because India like China is desperately short of both. Timber prices to rise significantly in the next few years. Now that will piss of Bollard and co as houses get dearer. Oh dear how sad. Their response. Ramp up interest rates. Well that’s what they do isn’t it.
Which is a classic example of why the Reserve bank Act is foolish.
February 1st, 2010 at 9:56 am
Timber prices raise almost enough to keep up with the loss of earnings from ETS taxation on cutting the trees down, whoo freakn hoo.
February 1st, 2010 at 9:59 am
A crore of rupees is 10 million.
February 1st, 2010 at 10:39 am
RB has a point. Doing business in India isn’t about the rules. And I pity Tim Groser trying to negotiate with the Indian government. Been there, done that, they are the masters of stonewalling…
February 1st, 2010 at 10:40 am
Mutton! These people need mutton and lamb-it would make a change from all that goat and they can’t touch beef.
February 1st, 2010 at 10:58 am
Hear hear, it’s about time we got a FTA with India. A fine nation, full of entrepreneurs and a race of extremely hard workers.
Any benefit for NZ makes me comfortable with this deal. Redbaiter, what experience do you have with the bureaucracy in India? (not a harsh question, as I suspect from my experiences there that it isn’t easy)
February 1st, 2010 at 11:11 am
My family has some Clint, they fled from it during the mutiny.
February 1st, 2010 at 12:47 pm
Over the longer term India has more potential than China plus it has a democratic form of Government (though very corrupt) so it fits better than China plus we have a shared history. China with its one child policy is going to crash as the population takes a dive with a huge bubble of old people being supported by a shrinking younger population with not enough females.
February 2nd, 2010 at 2:30 am
I bet Murray! I found my exp with bureaucracy to be extremely time consuming and of no real importance. I would have hoped that at a higher level it would be better. If I had to choose btw them and China then I’d still pick India.