India and New Zealand Aim for Long-Term Trade Growth and Strategic Partnership

India and New Zealand are committed to advancing trade and economic ties founded on mutual respect and realistic goals. Key sectors include agriculture, aerospace, and defence, with a focus on increasing bilateral trade through innovative strategies and stronger engagement. Both nations see the relationship as a strategic priority.

In a significant reaffirmation of mutual bonds, India and New Zealand have pledged to bolster trade and economic cooperation, as outlined by India's Commerce Minister Piyush Goyal during an address at the New Zealand-India Business Forum. Goyal emphasized that this partnership relies on mutual respect, achievable expectations, and a shared vision for enduring growth.

During discussions with New Zealand's Trade Minister Todd McClay, Goyal noted the importance of tailoring relationships based on individual attributes, rather than general benchmarks set by other trading partners such as the European Union or ASEAN. Despite being New Zealand's 79th largest trading partner, Goyal sees substantial potential for growth in sectors including agriculture, maritime, aerospace, and defence.

Trade data for 2023-24 reveals bilateral trade valued at USD 1.75 billion, with potential for further expansion through innovative cooperation. New Zealand exports mainly wool and steel, while India exports pharmaceuticals and textiles. The nations aim to go beyond tariff discussions, focusing on long-term benefits, including aviation agreements to facilitate travel and education exchanges by 2028.

(With inputs from agencies.)