Todd McClay: Trade Minister on the signing of the free trade agreement with India
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What are the details of the free trade agreement signed with India?
It's over the line. The end of FTA has been signed a couple of hours ago. There are tariff cuts to 95% of our goods, 57% from day one. Todd MacLeay is the Trade Minister in Delhi. He's with us morning. Mike, good morning. As an achievement, where does it sit for you?
Well, this sits up there. It's very exciting. We've got about 40 Kiwi companies that come up. There's a lot of interest in India, a lot of international media interest as well. I think this agreement in the years to come is really going to deliver for the New Zealand economy.
What do the Indians think of it, given they're a big country, big population, massive economy, they've got bigger fish to fry than us?
Well, they've been saying it's more than just an economic agreement. It's strategic for the region, but they're talking a lot about the cooperation, the people-to-people link, the culture, the sport.
How does this agreement impact New Zealand's economy?
I think the feeling is building. It's one of the highest quality deals they've done, not because we are a large economy, but of the detail that was put in. And, Mike, there's a lot of pride that it was done in nine months. Pierce Goyal, my counterpart, said, We have done this quickly, but we didn't touch corners. We haven't compromised in quality. It's had a lot of coverage in India.
Have they been cognizant of the politics here around it?
No, not really. I mean, again, we're a long way away. That moves on to the next deal that they're looking at. It really was a true celebration. I had two or three days with Minister Goyal. We've been meeting the business community. There's a lot of interest in what New Zealand has to offer.
What cultural and strategic benefits does the agreement offer?
I guess, you know, they're a very large democracy as we are one of the world's first democracies. They know that sometimes there's a bit of kicking and screaming along the way, but they're focusing on the positive part, how successful the deal is and just what it can deliver for the two countries.
It comes back here now. Do you expect trouble in select committee or not?
No, I don't. Labour has supported it, which is very helpful. It'll be tabled in Parliament Tuesday, so your day there now. It'll go after the committee. There'll be interest from the public because it's a big deal, but there should be. We'll get it back as quickly as we can. And the Indian government and I, we're committed to trying to get it in place as quickly as possible this year. so we can get those benefits of the extra stuff the Europeans got through that most-saved-nations treatment. So it'll be head down, bum up and going as hard as we can to make sure every New Zealander can benefit from this free trade agreement.
And hand on heart, when everyone sees the text, there is nothing in there that you haven't told us that people are going to freak out about that you will need to explain?
Not a single thing at all.
What concerns do political parties have regarding the agreement?
This is a high-quality deal, similar to the others we've done. We've been very open with the public. You know, Labour have been through it just about more than my lawyers have, it feels like. It is an opportunity for us to sell to 1.4 billion people. India is celebrating, New Zealand is celebrating. I reckon it's a good day for New Zealand trade.
And what about the message for free trade in a world where tariffs have taken centre stage? Is there something there for free traders as well?
Yeah, there is, with India, what we're saying to the world, when two governments come together, we can put pen to paper, we're going to honour the commitments in this agreement. It says economies can grow and people are better where you get tariff rates down. And so each country in the world has to decide for itself what it wants to do with tariff rates. Today, in New Delhi, in front of 1.4 billion Indians... India and New Zealand have said we're going to reduce tariff rates and grow our economies together.
All right, good stuff.
Fly well, Todd McClay, who's the Trade Minister, about to hop on a plane and head back here where it heads to Parliament, of course, and select committees.
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