- FTA grants duty-free access, opening a 1.4-billion-person market.
Wellington: Prime Minister Narendra Modi will make his first official visit to New Zealand next week, the country’s Prime Minister Christopher Luxon announced on Friday. “I’m delighted to announce Indian Prime Minister @narendramodi will make his first official visit to New Zealand next week,” Luxon posted on social media without disclosing the actual date of the visit.
Calling India one of the world’s largest and fastest-growing economies, Luxon said that India is of enormous importance to New Zealand’s economic prosperity.
“We are taking the two countries’ relationship to the next level with our New Zealand-India Free Trade Agreement, signed in April, which will deliver more jobs, higher exports and stronger economic growth for New Zealand,” he said. Luxon said that the deal will unlock new opportunities, opening a market of 1.4 billion people for goods and services from New Zealand “bringing more money into Kiwi communities, creating jobs and lifting wages.” India and New Zealand signed a free trade agreement (FTA) earlier this year to boost two-way commerce in goods and services and promote investments. The FTA provides duty-free access for 100 per cent of India’s exports to New Zealand. For India, the agreement strengthens access to a high-income, rules-based Pacific market and supports its broader Indo-Pacific economic strategy. For New Zealand, it offers more secure entry into one of the world’s fastest-growing large economies at a time of rising global trade uncertainty.
The bilateral merchandise trade between the two countries stood at USD 1.3 billion in 2024-25, while total trade in goods and services reached about USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion, led by travel, IT, and business services.
(Disclaimer: This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
