Latest news with #TradeandInvestment
Fibre2Fashion
27-05-2025
- Business
- Fibre2Fashion
Nigeria to launch textile clusters in Lagos, Abia: Minister John Enoh
The Nigerian government is set to launch industrial hubs in Kano, Abia, Lagos and Ogun states. These include textile clusters in Lagos and Abia, minister of state for industry John Enoh said at the 16th National Council on Industry, Trade and Investment (NCITI) in Lagos. Enoh said Nigeria's economic transformation hinges squarely on the agenda of the Industrial Revolution Work Group (IRWG), a cross-sectoral initiative he inaugurated in February this year. He called on the private sector and regional governments to embrace the momentum. Nigeria will launch industrial hubs in Kano, Abia, Lagos and Ogun states. These include textile clusters in Lagos and Abia, minister of state for industry John Enoh said at the 16th National Council on Industry, Trade and Investment. He said Nigeria's economic transformation hinges squarely on the agenda of the Industrial Revolution Work Group, a cross-sectoral initiative inaugurated in February. Enoh outlined the five foundational pillars of the IRWG: financing and investment transformation, energy and infrastructure modernization, regulatory reforms and ease of doing business, product standards and market expansion, and human capital development and industrial innovation, according to domestic media reports. He described IRWG as 'a strategic engine room designed to dismantle legacy barriers, ignite real sector productivity, and position Nigeria as a continental powerhouse of value-added manufacturing.' Fibre2Fashion News Desk (DS)
Hans India
10-05-2025
- Business
- Hans India
India, New Zealand aim to conclude FTA this year
New Delhi: India and New Zealand have reaffirmed their common vision and mutual understanding to work towards a future-ready framework and conclude the free trade agreement (FTA) this year. In a major step towards expanding bilateral trade and investment engagement, the first round of negotiations for the India–New Zealand FTA concluded successfully in New Delhi. The next round will be held in July 2025. 'As India steadily advances its footprint through multiple trade agreements, this round reflects a steadfast commitment to enhance economic partnerships aligned with national priorities and global aspirations,' the Commerce Ministry said in a statement. The first round followed a series of virtual discussions held between both partners which laid the groundwork for the in-person meeting. Constructive negotiations were held across all areas of FTA including Trade in Goods and Services, Trade Facilitation and mutually beneficial sectors of economic co-operation. This engagement highlights the strategic importance both partners attach to building a mutually beneficial, balanced and a fair trade agreement. This development builds on the shared commitment to deepen economic ties and guidance given by Prime Minister Narendra Modi during the visit of Christopher Luxon, Prime Minister of New Zealand, in March. The FTA was launched during the meeting between Piyush Goyal, Minister of Commerce and Industry, and Todd McClay, Minister for Trade and Investment, Government of New Zealand on March 16. Total merchandise trade between the two countries has reached $1.3 billion in financial year 2024–25, registering a strong growth of 48.6 per cent over the previous financial year. This underscores the growing potential of India-New Zealand Economic Partnership. The FTA is expected to further elevate trade and investment potential, improve supply chain integration, and foster a predictable and transformative trading environment for businesses on both sides, according to the ministry.
Scoop
05-05-2025
- Business
- Scoop
Trade Negotiations With India Commence
Press Release – New Zealand Government This is an important step in our trade relationship with India and signals the two Governments intent to deliver a high quality outcome that benefits both countries, Minister for Trade and Investment Todd McClay says. Minister for Trade and Investment Following significant engagement over the last month, the first in-person round of negotiations towards a comprehensive India New Zealand Free Trade Agreement (FTA) will take place in India this week. This follows the highly successful visit to India last year by Deputy Prime Minister, Winston Peters and the formal launch of negotiations by Minster for Trade and Investment, Todd McClay and Indian Minister of Commerce and Industry, Piyush Goyal during the Prime Minister's large trade mission to New Delhi in April. 'This is an important step in our trade relationship with India and signals the two Governments' intent to deliver a high quality outcome that benefits both countries,' Mr McClay says. 'With a population of 1.4 billion and a GDP estimated to grow to USD $5.2 trillion by 2030, India offers significant opportunity for New Zealand exporters,' Mr McClay says. 'Strengthening ties with India across the board is a key part of the Government's broader strategy to diversify and grow New Zealand's export markets and double trade by value in 10 years.
Scoop
05-05-2025
- Business
- Scoop
NZ-EU Trade Deal Delivers Export Growth
Hon Todd McClay Minister for Trade and Investment Minister of Agriculture The early entry into force of the New Zealand–European Union Trade Agreement (FTA) is paying off, with Kiwi goods exports to the EU surging by 28 per cent during the first year. 'In the last 12 months our goods exports to the EU surged from $3.8 billion to over $4.8 billion,' Trade and Investment Minister Todd McClay says. 'This is good news for all New Zealanders, especially our sheep farmers, kiwifruit growers and machinery exporters. Sheep meat was up 29 per cent adding an additional $216 million, kiwifruit has increased by 69 per cent contributing a further $316 million, and machinery was up an impressive 104 per cent providing $173 million more compared to the previous year. 'Strengthening ties with trading partners is crucial to growing the New Zealand economy and driving up incomes for Kiwis. Better market access, lower costs, and fewer trade barriers with the EU are key to delivering the Government's ambitious goal of doubling the value of New Zealand's exports in 10 years.' The NZ-EU FTA removed 91 per cent of duties on New Zealand exports immediately, climbing to 97 per cent after seven years. Wine, seafood, and a range of other products are also benefiting from significant tariff reductions. 'Our growing network of trade agreements means exporters now have more choices about where to sell their world-class products,' Mr McClay says.
Scoop
05-05-2025
- Business
- Scoop
Trade Negotiations With India Commence
Minister for Trade and Investment Following significant engagement over the last month, the first in-person round of negotiations towards a comprehensive India New Zealand Free Trade Agreement (FTA) will take place in India this week. This follows the highly successful visit to India last year by Deputy Prime Minister, Winston Peters and the formal launch of negotiations by Minster for Trade and Investment, Todd McClay and Indian Minister of Commerce and Industry, Piyush Goyal during the Prime Minister's large trade mission to New Delhi in April. 'This is an important step in our trade relationship with India and signals the two Governments' intent to deliver a high quality outcome that benefits both countries,' Mr McClay says. 'With a population of 1.4 billion and a GDP estimated to grow to USD $5.2 trillion by 2030, India offers significant opportunity for New Zealand exporters,' Mr McClay says. 'Strengthening ties with India across the board is a key part of the Government's broader strategy to diversify and grow New Zealand's export markets and double trade by value in 10 years.
