India-New Zealand: Free trade agreement will open new avenues of investment and jobs, PM Modi said it is a game changer.
Auckland. Prime Minister Narendra Modi on Saturday said that the historic Free Trade Agreement (FTA) between India and New Zealand will provide a new depth and momentum to the economic relations between the two countries. He said that this agreement will open new opportunities for market access, investment, exchange of services, technology and talents. The Prime Minister said this during his interaction with selected Chief Executive Officers (CEOs) and prominent representatives of the industry. He stressed that India and New Zealand’s shared democratic values, diversity and commitment to sustainable development provide a strong foundation for an ambitious and future-oriented economic partnership between the two countries.
Relations reached the level of strategic partnership
PM Modi made this comment shortly after high-level talks with New Zealand Prime Minister Christopher Luxon on various issues. The talks had very positive results, in which 18 important results emerged. These also include taking the bilateral relations between the two countries to the level of strategic partnership. Let us tell you that Prime Minister Modi had reached Auckland on Friday in the last leg of his three-nation tour. The main objective of this visit is to expand economic and security cooperation between the two countries. This is the first visit of an Indian Prime Minister to New Zealand after a long gap of almost 40 years, which is coming after the recent signing of the Free Trade Agreement (FTA) between the two countries.
New avenues will open for industries and youth
Addressing business representatives, PM Modi said, “The strong economic partnership between India and New Zealand will create new opportunities for industries, innovators and our youth.” He further said that both the countries have taken a historic decision to elevate relations to the level of strategic partnership, under which progress will be made in every field with clear goals and concrete results. He described the India-New Zealand Free Trade Agreement as a “historic” initiative and said India’s continued rapid economic growth, young and skilled workforce, rapidly growing middle class, digital revolution, expansion of next generation infrastructure and ongoing economic reforms provide vast opportunities for New Zealand companies in the field of trade and investment. Political stability and sustained economic growth have today made India one of the major contributors to global economic growth.
Call for investment in these areas
Prime Minister Modi called on New Zealand investors and industry to partner with India in sectors such as infrastructure development, civil aviation, logistics, clean energy, urban transport, water management, waste management and digital economy. Referring to India’s strong startup ecosystem, he appealed to the private sector of both the countries to increase cooperation in the field of innovation, fintech and emerging technologies. He said New Zealand’s expertise in dairy science, horticulture and forestry combined with India’s huge consumer market, food parks and agri-technology talent can create a strong global food value chain.
Target of business of Rs 35,000 crore by 2030
PM Modi appealed to the industry representatives to expand investment and trade partnerships and cooperate in achieving the target of increasing bilateral trade to about Rs 35,000 crore by 2030. In conclusion, he said that India-New Zealand economic partnership can become an ideal model of inclusive and sustainable trade, which will prove to be a strong platform for innovation and prosperity.
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