Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon welcomed the free trade agreement between the two countries. In a post on X, Prime Minister Modi said, “Today is a milestone in the India-New Zealand partnership!”
“I am delighted that the India-New Zealand Free Trade Agreement signed today will give an unprecedented boost to our development partnership. It reflects the deep trust, shared values and ambitions that unite our two nations,” said Prime Minister Modi.
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He added: “This agreement will greatly benefit our farmers, youth, women, small and medium enterprises, artisans, start-ups, students and innovators. It will open new avenues of growth, create opportunities and deepen our synergy across sectors.”
“New Zealand’s $20 billion investment commitment will further strengthen our cooperation in agriculture, manufacturing, innovation and technology, paving the way for a more prosperous and dynamic future for both countries,” PM Modi said.
PM Modi wrote this in response to Christopher Luxon’s post praising the signing of the FTA.
What did Christopher Luxon say?
Christopher Luxon wrote on X: “Today we marked a historic milestone in the relationship between India and New Zealand: the signing of our Free Trade Agreement.”
He said it was only 13 months ago that I “travelled to India to meet Prime Minister Modi and start negotiations on a free trade agreement”.
He called India “one of the largest and fastest growing economies in the world” and added that its trade relations have only scratched the surface of its potential.
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“Prime Minister Modi and I saw that a free trade agreement would be a huge opportunity for both our countries,” Luxon said.
He recalled: “Since my visit last March, Ministers Piyush Goyal and Todd McClay and their officials have worked tirelessly to negotiate an agreement.”
“The result of this hard work is an agreement that brings India and New Zealand. I congratulate Minister Goyal, Minister McClay and all the negotiators who made this possible,” he said.
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He added that for New Zealand, this free trade agreement opens the door to one of the world’s most dynamic markets and creates unprecedented opportunities for trade, investment, innovation and connectivity.
“This agreement will help diversify New Zealand’s export markets, support the goal of doubling the value of our exports within 10 years and put New Zealand exporters on a level playing field with competitors who already enjoy preferential treatment in India,” Luxon said.
“For India, this agreement means growth, innovation and new opportunities. It gives Indian exporters duty-free access to the New Zealand market from day one and gives Indian consumers better access to our high-quality exports,” Luxon said.
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“It creates new ways for India to partner with New Zealand in agricultural productivity and benefit from New Zealand’s world-leading agricultural technology and food expertise,” he added.
The New Zealand Prime Minister said that at a time of global uncertainty, this free trade agreement is a clear commitment from both sides to stable, predictable and rules-based trade.
The story of India and New Zealand
Luxon said the India-New Zealand story was about more than just trade. “New Zealand and India are building a relationship that gets bigger, deeper and more exciting every year – across trade, investment, defence, sport and innovation,” he said.
He said New Zealand’s vibrant Indian diaspora is central to the strong relationship between our two countries. “In the words of Prime Minister Modi, the diaspora is a ‘living bridge’ between New Zealand and India,” he added.
“The contribution of the Indian community to New Zealand is enormous: in business, in science, in education, in health, in the arts, in sport and in communities across the country.
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“While today is a big milestone, it is also just the beginning. We are excited about the next chapter in India-New Zealand relations,” he added.
The newly signed pact between India and New Zealand will come into force on a date agreed upon by both parties. Total bilateral trade in goods and services will reach $2.4 billion in 2024.
