India, New Zealand to increase cooperation in UPI facilitation, resolution of trade issues

India and New Zealand have decided to increase cooperation in areas such as facilitation of UPI (unified payment interface) system, timely resolution of trade issues, work visa, and improving banking relations.

Looking at the current quantum of trade between the countries, both sides have acknowledged the huge potential of bilateral trade and the need for synergy in areas of mutual interest for enhanced economic relations.

These issues were discussed during a joint meeting in New Delhi between India and New Zealand with the industry and the industry associations of both the countries.

The discussions also focused on taking forward the objectives of the Joint Trade Committee, formed under the Bilateral Trade Agreement of 1986.

The meeting was co-chaired by Rajesh Agarwal, Additional Secretary, Department of Commerce, and David Pine, High Commissioner of New Zealand in India.

The additional secretary appreciated the positivity in discussion, leading to tentative identification of various areas of cooperation including the facilitation of UPI system, carbon credit, package proposal on Kiwi fruits, and trans-shipment hub.

The two countries have also prioritised timely resolution of bilateral trade issues, collaboration on technology issues, cooperation in services such as work visa, and improving banking relations, according to the commerce ministry said.

The ministry said some of the areas explored by the New Zealand High Commissioner include promotion of UPI system, carbon credit co-operation, and working together on specific issues such as the comprehensive proposal made by Zespri (the marketer of kiwifruit), and prioritisation of requests on non-tariff measures for bilateral gains.

The high commissioner also emphasised the need to increase air connectivity between the two countries.