India-NZ FTA Will Deepen Economic Ties, Boost Trade: PM Modi
Prime Minister Narendra Modi stated that the significant free trade agreement between India and New Zealand would enhance and invigorate the economic relationship, creating new opportunities for market access, investment, and talent movement.
During a discussion with a chosen group of CEOs and business leaders, PM Modi highlighted that the common democratic values, diversity, and dedication to sustainable development between the two nations create a strong basis for an ambitious, future-oriented economic collaboration.
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The prime minister’s comments followed extensive discussions with his New Zealand counterpart Christopher Luxon, resulting in 18 significant outcomes, including the upgrade of bilateral relations to a strategic partnership.
Modi arrived in Auckland for the last segment of his three-country tour that primarily aimed at enhancing economic and security collaboration. This marks the first trip to New Zealand by an Indian prime minister in 40 years, following the recent completion of a free trade agreement.
"Modi informed the business leaders that a more robust economic partnership between India and New Zealand will generate new prospects for companies, innovators, and our young people."
The prime minister announced that India and New Zealand have made a groundbreaking choice to enhance their relations to a strategic partnership level.
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"Under this, we will move forward in every sector with clear goals and concrete outcomes," he says.
Modi characterized the India-New Zealand free trade agreement as a "milestone" effort that would enhance and invigorate the economic relationship, creating fresh opportunities for market access, investment, services, technology, and talent movement.
The prime minister emphasized that India's ongoing robust growth, along with its young and skilled workforce, growing middle class, digital transformation, next-generation infrastructure initiatives, and persistent economic reforms, present substantial trade and investment opportunities for businesses in New Zealand.
He observed that political stability and a steady growth trajectory have established India as an important player in global economic growth.
Modi welcomed New Zealand investors and companies to collaborate with India in areas such as infrastructure development, civil aviation, logistics, clean energy, urban mobility, water management, waste management, and the digital economy.
Discussing India's start-up landscape, he urged for deeper collaboration between the private sectors of both nations in innovation, fintech, and new technologies.
The prime minister highlighted that New Zealand's expertise in dairy science, horticulture, and forestry, along with India's consumer market, food parks, and agricultural technology skills, should combine to establish global food value chains.
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Modi urged business leaders to increase investment and trade partnerships and assist in achieving the goal of raising bilateral trade to NZD 7 billion (around Rs.35,000 crore) by 2030. He underscored that the economic collaboration between India and New Zealand might serve as a blueprint for equitable and sustainable trade while also acting as a foundation for innovation and growth.