India, New Zealand to double bilateral trade to ₹35,000 crore by 2030: Key agreements from PM Modi’s visit | Today’s news

India and New Zealand have agreed to work to double bilateral trade in goods and services to NZ$7 billion, or approx. ₹35,000 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.

Prime Minister Modi arrived in New Zealand on Friday (local time), the first visit by an Indian prime minister to Auckland in 40 years. On Saturday (local time), the two leaders held delegation-level talks, encouraging businesses to deepen ties, explore opportunities and build on complementarities between the two economies.

Quick answers to key questions

•5 QUESTIONS

The aim is to double the bilateral trade between India and New Zealand to NZ$7 billion, approximately ₹35,000 crore, by 2030.

It was the first visit by an Indian Prime Minister to New Zealand in 40 years, underscoring the importance of strengthening bilateral ties.

The strategic partnership aims to provide a broader framework for expanding cooperation beyond the Free Trade Agreement, focusing on trade, defense and cultural exchanges.

The meetings emphasized cooperation in trade, agriculture, skills, innovation, clean energy, defense and addressing global peace and security.

Yes, businesses are encouraged to deepen ties and explore new opportunities under the initiative to promote bilateral trade and cooperation.

Read also | Modi in Auckland: India-NZ announce strategic partnership

Joint statement by India and New Zealand

In a joint statement issued on Saturday, the Ministry of External Affairs (MEA) wrote that Prime Minister Modi and Luxon agreed on an “ambitious long-term vision for a strategic partnership aimed at taking bilateral relations to a new level, strengthening existing cooperation mechanisms and exploring new avenues for deepening cooperation, both bilateral and multilateral”.

Citing longstanding friendship, shared democratic values, strong people-to-people relations and common interests in the Indo-Pacific, the two leaders agreed to elevate India-New Zealand ties to a strategic partnership. The two sides also endorsed the India-New Zealand Strategic Partnership: The 2030 Roadmap, which will serve as a framework for bilateral cooperation over the next four years.

Political and diplomatic involvement: The two leaders welcomed the growing momentum of high-level political engagement and agreed to continue regular mutual visits and meetings between their heads of government and ministers, including on the sidelines of regional and multilateral forums.

They also agreed to launch a regular Foreign Ministers’ Dialogue aimed at providing strategic guidance to review progress on the 2030 Roadmap. In addition, they agreed to encourage regular cooperation between the parliaments of the two countries.

Defense and security cooperation: In the fight against transnational and organized crime, Prime Minister Modi and his New Zealand counterpart agreed to strengthen practical law enforcement cooperation and to work towards the early formalization of an arrangement on counter-narcotics cooperation and law enforcement cooperation between relevant authorities.

India and New Zealand have agreed to launch an annual maritime security dialogue to strengthen cooperation and coordination. Both sides welcomed Auckland’s nomination of maritime security as a key pillar of the Indo-Pacific Oceans Initiative and agreed to explore cooperation.

The two leaders also reaffirmed their shared interest in maintaining a free, open, peaceful and prosperous Indo-Pacific. To achieve this goal, they agreed to deepen maritime cooperation through the newly signed Maritime Cooperation Agreement (MCA), the Implementation Agreement on Cooperation in Hydrography and Maritime Cartography and the Agreement on Mutual Logistics Support focused on the maritime domain.

Read also | Prime Minister Modi is welcomed in Auckland – the iconic lights of the Sky Tower in three colors

Business and economic cooperation: Prime Minister Modi and Luxon welcomed the conclusion of the Free Trade Agreement (FTA). They also noted that Auckland can support New Delhi’s Viksit Bharat goal of becoming a developed country by 2047, including through cooperation in trade, agriculture, skills, innovation, clean energy, sports and other areas.

During Prime Minister Modi’s visit, a memorandum of understanding on tourism was also signed, encouraging airlines to start non-stop flights between India and New Zealand.

The two leaders also reaffirmed their commitment to global peace and security, expressed concern over the renewed escalation of tensions in the Middle East, and called for restraint from all parties.