A Mid Canterbury local said the country needs to keep its eye on the world’s fastest growing economy: India.

Consultation on how New Zealand should go about handling Free Trade talks with India have closed today.

Mt Somers farmer and Beef + Lamb chairperson Kate Acland said we needed to watch India closely.

“India’s set to become the world’s third largest economy in the next five years, they’ve got a growing middle class, and that provides a real opportunity for us there.

“Not just on the meat side, but pharmaceuticals, wool, leather pelts.

“There’s a real opportunity for [what] we call the ‘5th quarter’ of the animal.”

In the face of the United States’ volatile tariff situation, it was important New Zealand kept its trading options open - though we’ve always had good global market access, she said.

“Having more diversified market opportunities is a really good thing.

“We have a really wide range of high-value markets that we can send products to.”

Minister for Trade Todd McClay opened consultation back in March, the following Prime minister visit to India.

Christopher Luxon took 60 Kiwis, from business owners, Indian community leaders and politicians, to the country last month to relationship-build.

A key goal for Luxon was to secure a Free Trade Agreement (FTA) with India, something he pitched in his election campaign.

McClay said the government wanted the views of the public to “better inform [them] in the early parts of this important negotiation.”

"Alongside trade agreement negotiations, New Zealand will continue to invest in stronger, deeper, more sustainable connections with India across all pillars of the relationship, including our political, defence and security, sporting, environmental, and people-to-people connections.”

New Zealand currently exports NZ $718 million worth of goods to India, according to the ministry of Foreign Affairs and Trade (MFAT).

It listed forestry products as our biggest export to India last year at $126 million, $71 of that being logs.

Dairy made a decent cut, $57 million, but didn’t pull numbers quite like iron and steel ($99 million) or horticulture ($89 million).

It was even beat out by wool exports, which was worth $77 million.

We import machinery and equipment ($174 million), textiles ($147 million) and pharmaceuticals, gems, vehicles and more from India currently.

by Anisha Satya