India, New Zealand to double bilateral trade to ā¹35,000 crore by 2030: Key agreements from PM Modi's visit
India and New Zealand agreed to work towards doubling bilateral trade in goods and services to NZ$7 billion, or approximately ā¹35,000 crore, by 2030, as
India and New Zealand agreed to work towards doubling bilateral trade in goods and services to NZ$7 billion, or approximately ā¹35,000 crore, by 2030, as Prime Minister Narendra Modi and his New Zealand counterpart, Christopher Luxon, on Saturday (local time) welcomed the momentum in trade and economic ties between the two countries. PM Modi arrived in New Zealand on Friday (local time), marking the first visit by an Indian Prime Minister to Auckland in 40 years. On Saturday (local time), the two leaders held delegation-level talks and encouraged businesses to deepen ties, explore opportunities, and build on complementarities between the two economies. Quick answers to key questions ā¢ 5 QUESTIONS 1 What is the goal of the India-New Zealand trade agreement announced during PM Modi's visit? āµ The goal is to double bilateral trade between India and New Zealand to NZ$7 billion, or approximately ā¹35,000 crore, by 2030. 2 Why did PM Modi's visit to New Zealand mark a significant milestone? āµ It was the first visit by an Indian Prime Minister to New Zealand in 40 years, highlighting the importance of strengthening bilateral ties.
3 How will the new strategic partnership between India and New Zealand enhance cooperation? āµ The strategic partnership aims to provide a broader framework for expanding cooperation beyond the Free Trade Agreement, focusing on trade, defence, and cultural exchanges. 4 What specific areas of cooperation were highlighted in the India-New Zealand meetings? āµ The meetings emphasized cooperation in trade, agriculture, skills, innovation, clean energy, defence, and addressing global peace and security. 5 Should businesses in India and New Zealand prepare for increased cooperation after PM Modi's visit? āµ Yes, businesses are encouraged to deepen ties and explore new opportunities as part of the initiative to boost bilateral trade and cooperation. India-New Zealand joint statement In a joint statement released on Saturday, the Ministry of External Affairs (MEA) wrote that PM Modi and Luxon agreed to "an ambitious long-term vision for the Strategic Partnership, which aims to take bilateral relations to a new level, strengthen existing cooperation mechanisms, and explore new avenues for deepening cooperation, both bilaterally and multilaterally." Citing the long-standing friendship, shared democratic values, strong people-to-people connections, and common interests in the Indo-Pacific, the two leaders agreed to upgrade India-New Zealand ties to a Strategic Partnership.
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