India, New Zealand to fast-track FTA implementation, boost goods and services trade
Auckland, July 11
India and New Zealand on Saturday announced to work together on next steps for the India-New Zealand Free Trade Agreement to ensure its early entry into force and effective implementation.
Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon also announced to work towards doubling bilateral two-way trade in goods and services to NZ$7 billion (Rs 35,000 crore) by 2030.
The FTA, signed on April 27 this year, removes tariffs on 100 per cent of India's exports to New Zealand, and either sharply reduces or removes tariffs on 95 per cent of the country's imports from New Zealand.
The leaders also discussed to operationalise the 2025 Authorised Economic Operators Mutual Recognition Arrangement (AEO-MRA) under the aegis of the 2024 Customs Cooperation Arrangement (CCA) to simplify customs processes and facilitate trusted trade.
According to an official statement, both sides agreed to implement the 2025 Memorandum of Cooperation on Horticulture to advance joint research, knowledge exchange, post harvest innovation, and market development initiatives.
They also decided to implement the 2025 Letter of Intent on Forestry Cooperation through sustained policy dialogue, technical exchanges, and best practice sharing, and implement the Memorandum of Cooperation on Animal Husbandry and Dairying to advance technical and policy collaboration.
For the tourism sector, both the nations agreed to operationalise the Memorandum of Arrangement to promote two-way visitor flows and industry cooperation in the tourism sector, and promote tourism growth by encouraging airlines to commence direct (non stop) flights under the updated Air Services Agreement.
They also agreed for continued dialogue between Directorate General of Shipping, Ministry of Ports, Shipping and Waterways of India, and Maritime New Zealand on opportunities to strengthen the recognition of seafarer competency certificates to support our respective maritime industries.
Both sides decided to engage with the Global Biofuels Alliance to support sustainable energy transitions.
— IANS
Reader Comments
The horticulture and dairy cooperation sounds great! Our farmers in Punjab need better post-harvest tech to reduce wastage. But I worry about our small dairy farmers if New Zealand's industrial dairy products flood in. Hope the government has proper safeguards in place. 🥛
As an exporter from Bangalore, this is welcome. 100% tariff removal on our side is huge for IT services and engineering goods. But NZ$7 billion target by 2030 is modest - we do that with many countries already. Still, every bit helps in current global trade uncertainty. 📈
Direct flights between India and New Zealand is long overdue! My cousin in Auckland spends 20+ hours transit via Singapore or Dubai. This could boost tourism both ways - Kiwis love Goa and Kerala, and Indians want to see Hobbiton and Milford Sound. ✈️
The Global Biofuels Alliance engagement is interesting - India is pushing ethanol hard and New Zealand has strong agri-waste expertise. But I notice nothing on digital trade or data flows? That's where real growth is for India's IT sector. Also, hope these MoUs don't remain just paper. 🤔
As a farmer from Maharashtra, I'm cautiously optimistic. Our mangoes and grapes could get better market access in NZ. But we need to see what's in it for us - will the government provide support to meet New Zealand's phytosanitary standards? Otherwise only big corporates benefit. 🌾
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.