1 00:00:00,080 --> 00:00:02,080 Speaker 1: Now key. We business leaders are being told to do 2 00:00:02,120 --> 00:00:04,360 Speaker 1: their homework right now in order to get the most 3 00:00:04,400 --> 00:00:06,240 Speaker 1: out of a free trade agreement with India when it's 4 00:00:06,280 --> 00:00:09,720 Speaker 1: hopefully signed next year. India's Commerce and Industry Minister was 5 00:00:09,720 --> 00:00:11,440 Speaker 1: in the country last week for the latest round of 6 00:00:11,440 --> 00:00:13,800 Speaker 1: trade talks, which is the fifth round of talks in 7 00:00:13,840 --> 00:00:16,200 Speaker 1: just seven months. Edwin Paul is the chair of the 8 00:00:16,200 --> 00:00:20,760 Speaker 1: India New Zealand Business Council and with us. Hello Edwin, Jooheather, 9 00:00:20,920 --> 00:00:22,959 Speaker 1: thank you for having me. Yeah, very welcome. Listen, you 10 00:00:22,960 --> 00:00:24,560 Speaker 1: were in some of the meetings. Do you reckon we 11 00:00:24,560 --> 00:00:27,840 Speaker 1: can get a deal done early next year? 12 00:00:29,000 --> 00:00:31,120 Speaker 2: I think so, but I have to clarify my position 13 00:00:31,240 --> 00:00:33,959 Speaker 2: so this is not an official position of any government 14 00:00:34,680 --> 00:00:38,440 Speaker 2: agency or the Business Council. But however, reading the room 15 00:00:38,479 --> 00:00:41,640 Speaker 2: and listening to the chat to connecting the dots, it's 16 00:00:41,680 --> 00:00:45,680 Speaker 2: a lone learned opinion on recognizing some very strong signals 17 00:00:45,920 --> 00:00:50,280 Speaker 2: and I think putting those things together it As a businessman, 18 00:00:50,360 --> 00:00:53,280 Speaker 2: I would say it's good to expect in an FTA 19 00:00:53,440 --> 00:00:55,000 Speaker 2: sometime in the early part of next year. 20 00:00:55,600 --> 00:00:58,160 Speaker 1: Okay, Now, if we don't know what's going to be 21 00:00:58,200 --> 00:01:02,040 Speaker 1: in the FTA, how can a business prepare for business 22 00:01:01,800 --> 00:01:02,600 Speaker 1: with India. 23 00:01:03,520 --> 00:01:07,000 Speaker 2: Oh, that's an excellent question. I mean, the contents of 24 00:01:07,120 --> 00:01:10,080 Speaker 2: the FTA itself is left to the experts. I don't 25 00:01:10,120 --> 00:01:12,920 Speaker 2: think even I'm qualified as a businessman to make any 26 00:01:12,959 --> 00:01:15,560 Speaker 2: opinion on that, So that's left to the negotiators. It 27 00:01:15,640 --> 00:01:19,960 Speaker 2: has farley asked implications. But what an FTR primarily provides 28 00:01:20,160 --> 00:01:24,240 Speaker 2: is market access. Market access to an economy that's currently 29 00:01:24,360 --> 00:01:26,840 Speaker 2: fifth in the world and to be the third largest 30 00:01:26,920 --> 00:01:29,920 Speaker 2: in by twenty thirty. So I think for any Kiwi 31 00:01:30,040 --> 00:01:33,000 Speaker 2: business at this stage is to think of not as 32 00:01:33,040 --> 00:01:35,399 Speaker 2: to what are the line items in the FTA, but 33 00:01:35,520 --> 00:01:39,119 Speaker 2: to prepare for what does the market of India offer 34 00:01:39,240 --> 00:01:42,360 Speaker 2: to my business and what opportunities lie there. This will 35 00:01:42,440 --> 00:01:46,319 Speaker 2: happen I mean six months, twelve months, whenever, but whenever 36 00:01:46,360 --> 00:01:49,360 Speaker 2: this happens. For it's good for New Zealand businesses to 37 00:01:49,560 --> 00:01:54,480 Speaker 2: have an India strategy and in anticipation of that market access. 38 00:01:54,960 --> 00:01:58,200 Speaker 1: So basically, if you're already exporting to India, just basically 39 00:01:58,200 --> 00:02:01,000 Speaker 1: be prepared to export a whole lot more. Yeah. 40 00:02:01,080 --> 00:02:04,480 Speaker 2: Yeah, And there could be a significant difference in your tariff. 41 00:02:04,520 --> 00:02:07,680 Speaker 2: For instance, if your current tariff was about thirty percent 42 00:02:07,720 --> 00:02:09,840 Speaker 2: on a product like honey, and if it comes down 43 00:02:09,840 --> 00:02:13,119 Speaker 2: to fifteen, that's a very comfortable margin for an operator 44 00:02:13,120 --> 00:02:17,320 Speaker 2: to either pass on to the consumer or to you know, 45 00:02:17,400 --> 00:02:22,000 Speaker 2: keep it as minded. And the profits is fairly significant. 46 00:02:22,080 --> 00:02:24,639 Speaker 1: Yeah, from sitting in those meetings, absolutely, it is. From 47 00:02:24,680 --> 00:02:26,400 Speaker 1: sitting in those meetings. Do you think we're going to 48 00:02:26,440 --> 00:02:28,079 Speaker 1: get greater access to dairy. 49 00:02:29,560 --> 00:02:32,760 Speaker 2: Or I wouldn't want to do the comment on that, Heather, 50 00:02:32,840 --> 00:02:37,160 Speaker 2: simply because these are negotiations, and these are happening in negotiations, 51 00:02:37,200 --> 00:02:39,760 Speaker 2: cards are kept quite quite close to the chest. I 52 00:02:39,800 --> 00:02:41,800 Speaker 2: don't want to risk any comment on this item. I 53 00:02:41,800 --> 00:02:45,160 Speaker 2: don't think people who are not experts should be weighing 54 00:02:45,200 --> 00:02:48,040 Speaker 2: in on this. This is at a very big The 55 00:02:48,400 --> 00:02:52,000 Speaker 2: deal is pretty big, the overall deal, and there are 56 00:02:52,040 --> 00:02:55,040 Speaker 2: experts who are already at a very advanced stage, and 57 00:02:55,240 --> 00:02:58,120 Speaker 2: I wouldn't want to get into any secral conversations on 58 00:02:58,160 --> 00:02:58,880 Speaker 2: this stage. 59 00:02:59,000 --> 00:03:00,799 Speaker 1: Here's the thing, right, the last time we rushed and 60 00:03:01,000 --> 00:03:03,480 Speaker 1: FTA was with Europe, and it was because just Cinda 61 00:03:03,520 --> 00:03:05,359 Speaker 1: wanted to be able to announce it while she was there, 62 00:03:05,360 --> 00:03:07,160 Speaker 1: and it turned to something, Oh, it is a bit 63 00:03:07,200 --> 00:03:10,639 Speaker 1: of a dog, isn't it? Is there are you Are 64 00:03:10,680 --> 00:03:12,920 Speaker 1: you seeing the same thing, like, is there a risk 65 00:03:13,000 --> 00:03:15,240 Speaker 1: here that by rushing it with India we end up 66 00:03:15,240 --> 00:03:16,800 Speaker 1: with something we regret. 67 00:03:17,840 --> 00:03:21,000 Speaker 2: Oh, I don't think so specifically. I mean, I mean 68 00:03:21,040 --> 00:03:23,040 Speaker 2: we don't want to pressure the process in any way 69 00:03:23,120 --> 00:03:25,600 Speaker 2: we do. I don't think any of the players, both 70 00:03:25,639 --> 00:03:27,400 Speaker 2: from the India side, and this is just my personal 71 00:03:27,480 --> 00:03:29,920 Speaker 2: observation at leding of the room, right, so both from 72 00:03:29,960 --> 00:03:31,760 Speaker 2: the Indian side on the New Zealand side, there is 73 00:03:31,800 --> 00:03:35,520 Speaker 2: no pressure to rush it. It's very complex negotiations, the 74 00:03:35,680 --> 00:03:39,119 Speaker 2: frequency of the negotiation, the rounds of negotiations, they've had 75 00:03:39,160 --> 00:03:42,480 Speaker 2: five till now, so those are all happening. So I 76 00:03:42,520 --> 00:03:46,360 Speaker 2: don't think it is being treated lightly. It's it's a 77 00:03:46,440 --> 00:03:50,400 Speaker 2: fairly significant FDA and and all of us are prepared. 78 00:03:50,760 --> 00:03:53,119 Speaker 2: I mean if you I spoke at one of those 79 00:03:53,120 --> 00:03:55,240 Speaker 2: events when I told the minister that we are prepared 80 00:03:55,280 --> 00:03:57,880 Speaker 2: for even a no FTA situation. But how India is 81 00:03:57,880 --> 00:04:00,600 Speaker 2: a market or an FTA further to tell months down 82 00:04:00,640 --> 00:04:03,440 Speaker 2: the line. But reading the room and how the stars 83 00:04:03,440 --> 00:04:07,880 Speaker 2: are aligning and how the different aspects are the dots 84 00:04:07,880 --> 00:04:10,600 Speaker 2: are connected, I think it's going to be fairly soon. 85 00:04:11,080 --> 00:04:13,000 Speaker 1: Jared has a question for you. Do you have any 86 00:04:13,000 --> 00:04:15,000 Speaker 1: idea what India needs from us? They are to beef 87 00:04:15,040 --> 00:04:17,440 Speaker 1: eating country, they do not require dairy products, So what 88 00:04:17,560 --> 00:04:17,960 Speaker 1: is it. 89 00:04:19,040 --> 00:04:23,800 Speaker 2: Oh India. Treating India is a non not a beef 90 00:04:23,800 --> 00:04:27,600 Speaker 2: eating country is a very naive assumption. I mean, if 91 00:04:27,640 --> 00:04:30,719 Speaker 2: you look at the number of beef eaters alone in India, 92 00:04:31,040 --> 00:04:33,120 Speaker 2: that would be more than the population of New Zealand. 93 00:04:34,800 --> 00:04:38,000 Speaker 2: That's the market size and those are the kind of 94 00:04:38,600 --> 00:04:42,040 Speaker 2: mindsets that TIV businesses need to get over. I mean 95 00:04:42,080 --> 00:04:45,560 Speaker 2: it's a huge market or market that's larger than all 96 00:04:45,560 --> 00:04:48,640 Speaker 2: of Europe put together. And we look at okay beef 97 00:04:48,680 --> 00:04:51,159 Speaker 2: if you were talking about prime cut beefs, there is 98 00:04:51,200 --> 00:04:53,599 Speaker 2: a market that's much bigger than New Zealand to supply 99 00:04:53,680 --> 00:04:54,359 Speaker 2: to brilliant. 100 00:04:54,640 --> 00:04:55,880 Speaker 1: It's good to talk to you and best of luck 101 00:04:55,880 --> 00:04:57,839 Speaker 1: with everything, as even Paul, chair of the Indian New 102 00:04:57,920 --> 00:05:01,719 Speaker 1: Zealand Business Council. For more from Heather Duplessy Allen Drive. 103 00:05:01,880 --> 00:05:05,240 Speaker 1: Listen live to News Talks it B from four pm weekdays, 104 00:05:05,400 --> 00:05:07,600 Speaker 1: or follow the podcast on iHeartRadio.