World News
PM Modi Says India-New Zealand Trade to Double in 5 Years as Strategic Partnership Enters New Era
Prime Minister Narendra Modi on Saturday expressed confidence that trade between India and New Zealand will double over the next five years, highlighting the recently signed Free Trade Agreement (FTA) as a major milestone in strengthening economic cooperation between the two countries.
Prime Minister Narendra Modi on Saturday expressed confidence that trade between India and New Zealand will double over the next five years, highlighting the recently signed Free Trade Agreement (FTA) as a major milestone in strengthening economic cooperation between the two countries.
Speaking at the Gala Lunch hosted by New Zealand Prime Minister Christopher Luxon in Auckland, Modi said bilateral trade has already increased by more than 50% over the last three years, reflecting the growing economic partnership between the two nations.
The Prime Minister described the newly signed FTA as a game-changing agreement that will create fresh opportunities for businesses, farmers, startups, and young professionals in both countries.
“We have signed the Free Trade Agreement in record time. It will open new opportunities for industries, farmers, and youth while strengthening trust, technology, and talent between our nations,” PM Modi said.
New Zealand Announces $20 Billion Investment Commitment
PM Modi also welcomed New Zealand’s commitment to invest USD 20 billion in India, calling it a significant boost for India’s growth journey. He said the investment would encourage New Zealand-based companies to become long-term partners in India’s expanding economy.
According to the Prime Minister, the investment commitment reflects the increasing confidence of global businesses in India’s economic potential.
First Visit by an Indian PM to New Zealand in Four Decades
Calling the visit historic, Modi noted that he is the first Indian Prime Minister to visit New Zealand in 40 years. He thanked Prime Minister Christopher Luxon and the people of New Zealand for their warm hospitality, saying the affection shown during the visit would always remain memorable.
He also credited Luxon’s visit to India last year for injecting fresh momentum into bilateral relations and said the current visit marks the beginning of a new chapter in India-New Zealand ties.
India and New Zealand Upgrade Ties to Strategic Partnership
A major outcome of the visit was the decision by both countries to elevate their relationship to a Strategic Partnership. The two leaders also adopted the India-New Zealand Strategic Partnership: Roadmap to 2030, outlining a long-term framework to deepen cooperation across multiple sectors.
The roadmap focuses on expanding collaboration in trade, agriculture, innovation, security, technology, education, and people-to-people exchanges while strengthening cooperation in regional and global forums.
UPI Connectivity and Agriculture Cooperation in Focus
Highlighting key areas of future collaboration, PM Modi said India and New Zealand will work towards linking India’s Unified Payments Interface (UPI) with New Zealand’s payment system to promote smoother digital transactions.
He also emphasized stronger cooperation in agriculture, dairy, and food processing, stating that the partnership would benefit farmers, dairy producers, and rural communities in both countries.
Strong Economic Outlook for Bilateral Relations
With the Free Trade Agreement now in place and the Strategic Partnership officially launched, both governments have set ambitious targets for expanding trade and investment over the coming years.
The two leaders expressed optimism that the strengthened partnership would deliver tangible benefits for businesses, investors, and citizens while taking India-New Zealand relations to a new level.
Prime Minister Narendra Modi is on a two-day official visit to New Zealand from July 10-11, following an invitation from Prime Minister Christopher Luxon. The visit is widely seen as a significant milestone in strengthening diplomatic and economic ties between the two democratic nations.
