- NZ PM Luxon announced 57% exports to India would be tariff-free.
- Announcement precedes PM Modi's two-day state visit to NZ.
- The move aims to boost New Zealand businesses and market access.
New Zealand Prime Minister Christopher Luxon made a major announcement on Thursday, giving a sign of a productive and economic relationship with India going forward. Luxon made an announcement, a day before his Indian counterpart, Narendra Modi, is scheduled to arrive in New Zealand on Friday for a two-day visit. In a post on X, Luxon announced that 57 per cent of New Zealand exports will be tariff-free from the day one implementation of the trade agreement between the two nations, to increase access for New Zealand goods to the Indian market.
"New Zealand businesses are set to boom with our India Trade Deal. 57 per cent of everything we export to India will be tariff-free from day one," said Christopher Luxon, New Zealand PM, wrote on X.
Christopher Luxon praised the India-New Zealand trade agreement and said it will bring significant benefits. He said that the trade agreement with India will boost New Zealand businesses. 57 per cent of what we export to India will be tariff-free from day one.
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India-New Zealand FTA
India and New Zealand finalised a historic Free Trade Agreement (FTA) on April 27 this year. This marks a turning point in their bilateral relationship.
Highlighting the size and potential of the Indian market, the New Zealand PM described the India-New Zealand FTA as a once-in-a-generation opportunity. Luxon also points out that India is rapidly emerging as an expanding consumer economy.
Luxon emphasised that the FTA will closely align New Zealand with India’s economic journey as it continues on its path to becoming one of the world’s largest economies.
Luckson Invites PM Modi
The two nations signed a Free-Trade Agreement and vowed to implement it soon. Luckson has invited PM Modi to New Zealand, and Modi will arrive in New Zealand on a two-day state visit on July 10th and 11th. The tariff-free trade announcement, made just before the PM's visit, is being seen as a reflection of the deep friendship and robust trade ties between India and New Zealand.
During his visit, the Indian Prime Minister and his New Zealand counterpart Luxon will hold bilateral talks on a wide range of issues, focusing on enhancing cooperation in key areas including trade, commerce, and defence.
During his visit, PM Modi will also meet prominent business and sports figures and address the Indian community in New Zealand. Earlier, PM Modi visited Indonesia and spent two days in the Asian nation. He departed for Australia for the Annual India-Australia summit. Meanwhile, New Zealand is the final stop on his three-nation tour.