India and New Zealand Aim for Mutually Beneficial Trade Relations
India and New Zealand reaffirmed their dedication to enhancing trade and economic collaboration, with Union Minister of Commerce and Industry Piyush Goyal emphasizing that the alliance should be founded on mutual respect, pragmatic expectations, and a sustainable vision for development.
While addressing the New Zealand-India Business Forum in a session with New Zealand’s Trade Minister Todd McClay, Goyal mentioned that both nations had consented to foster their relationship with a respect for each other’s sensitivities and to pursue "win-win solutions" that would advance the partnership further.
"Every trading relationship should be understood within its appropriate context," Goyal stated. "My actions with the European Union or ASEAN cannot set a standard for what I can achieve with New Zealand." "Dimensions and magnitude need to be factored in."
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Goyal stated that India regards New Zealand as a reliable trading partner, although the current trade volumes are limited.
"You are likely the 79th or 80th trading partner. Nonetheless, that didn't stop me from viewing you as a key partner," he remarked, emphasizing that a smaller base presents more opportunities for quicker expansion. He recognized agriculture, maritime collaboration, aerospace, and defense as sectors with significant potential for partnership.
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Official data from Statistics New Zealand and India's Ministry of Commerce indicate that the total bilateral trade in goods and services between India and New Zealand hit $ 1.75 billion in 2023-24, with New Zealand exporting $ 0.84 billion in goods and services to India and importing $ 0.91 billion from India.
India's major imports from New Zealand consist of wool, iron and steel, fruits and nuts, and aluminum, whereas its primary exports to New Zealand include pharmaceuticals, machinery, textile products, and precious metals and stones.
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Trade between the two countries has remained consistent over the last five years. Bilateral trade reached $ 1.50 billion in 2022, $ 1.55 billion in 2021, $ 1.67 billion in 2020, and $ 1.97 billion in 2019, which was the peak in the five-year span. Officials noted that the statistics highlight the strength of the relationship and the possibility for renewed progress through supportive policies and increased business involvement.