Smith Welcomes Indian Delegation

A high-ranking Indian trade and business delegation has been welcomed to New Zealand by International Trade Minister Lockwood Smith.

The group is here for the 7th annual meeting of the India-New Zealand Joint Business Council.

"The Business Council plays a very important role in our trade relationship with India. I am pleased to have such a distinguished group of Indian business and government leaders here for its meeting." Separately, Indian and New Zealand officials have met to discuss trade and other economic issues.

"It is good that the New Zealand and Indian Inland Revenue Departments have agreed to lower witholding tax rates. This will help New Zealand firms doing business in India," Dr Smith said.

New Zealand exports to India last year were worth $124 million, a 20% increase on the previous year.

"Trade contact between our two countries is increasing steadily and there is every sign this will continue," Dr Smith said.

Wool is New Zealand's main export to India, followed by leather and coal.

Recently, there had also been a marked increase in exports of timber to India.

Dr Smith said he hoped the New Zealand and Indian agriculture departments would sign an arrangement in the near future to cooperate on quarantine issues.

On Tuesday, Transport Minister Jenny Shipley and Indian High Commissioner Kajor Mal Meena signed our air services agreement between India and New Zealand.