India, New Zealand discuss measures to cut trade barriers, promote investor-friendly environment

New Delhi: India and New Zealand have discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties, an official statement said on Wednesday.

The issues were discussed during the meeting of Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay on December 19.

Both the ministers recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said.

The trade minister of New Zealand appreciated the efforts made by India to sort out the issue related to export of wooden logs to India.

"They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," it said.

To strengthen the trade and economic relationship, ministers expressed the need to increase engagement between both the countries under a collaborative approach that engages officials from across relevant departments and the private sector.

The bilateral trade between the two countries stood at USD one billion in 2022-23.