India-New Zealand Free Trade Agreement to boost trade and investment: PM Modi

Prime Minister Narendra Modi said the India-New Zealand Free Trade Agreement will strengthen bilateral economic ties by boosting trade, investment and talent mobility. Addressing business leaders in Auckland, he invited New Zealand companies to invest in India's rapidly growing economy and infrastructure sectors.

Auckland: The landmark India-New Zealand Free Trade Agreement (FTA) will add depth and dynamism to bilateral economic ties and open new opportunities for market access, investment and talent mobility, Prime Minister Narendra Modi said on Saturday.

Interacting with a select group of CEOs and business leaders, PM Modi said the two nations’ shared democratic values, diversity and commitment to sustainable development provide a strong foundation for an ambitious and forward-looking economic partnership.

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The Prime Minister made the remarks shortly after holding wide-ranging talks with his New Zealand counterpart, Christopher Luxon, which produced 18 key outcomes, including the elevation of bilateral relations to the level of a Strategic Partnership.

Modi arrived in Auckland on Friday on the final leg of his three-nation tour, which largely focused on expanding economic and security cooperation. It is the first visit to New Zealand by an Indian Prime Minister in 40 years and comes after the recent finalisation of the Free Trade Agreement.

“A stronger economic partnership between India and New Zealand will create new opportunities for businesses, innovators and our youth,” Modi told the business leaders.

The Prime Minister said India and New Zealand have taken a historic decision to elevate their relationship to the level of a Strategic Partnership.

“Under this, we will move forward in every sector with clear goals and concrete outcomes,” he said.

Modi described the India-New Zealand Free Trade Agreement as a “landmark” initiative that would add depth and dynamism to bilateral economic ties and open new opportunities for market access, investment, services, technology and talent mobility.

The Prime Minister said India’s sustained high economic growth, young and skilled workforce, expanding middle class, digital revolution, next-generation infrastructure push and continuing economic reforms offer significant opportunities for trade and investment for New Zealand companies.

He noted that political stability and sustained economic growth have positioned India as a significant contributor to global growth.

Modi invited New Zealand investors and businesses to partner with India in infrastructure development, civil aviation, logistics, clean energy, urban mobility, water management, waste management and the digital economy.

Speaking about India’s start-up ecosystem, he called for closer engagement between the private sectors of both countries in the fields of innovation, fintech and emerging technologies.

The Prime Minister said New Zealand’s strengths in dairy science, horticulture and forestry, along with India’s consumer market, food parks and agri-tech talent, could help create global food value chains.

Modi also urged business leaders to expand investment and commercial partnerships and help achieve the target of doubling bilateral trade to NZD 7 billion (approximately Rs.35,000 crore) by 2030.

He said the India-New Zealand economic partnership could become a model for inclusive and sustainable trade and a platform for innovation and prosperity.