NZ PM Luxon: 57% Exports to India Tariff-Free Ahead of Modi Visit!
NZ PM Luxon: 57% Exports to India Tariff-Free Ahead of Modi Visit!
New Zealand is rolling out the red carpet for PM Modi's historic visit! PM Luxon announces 57% of NZ exports to India will be tariff-free, boosting trade and relations. Get the scoop!
New Zealand is buzzing with excitement as Prime Minister Narendra Modi prepares for a historic visit, the first by an Indian Prime Minister in 40 years. Ahead of his arrival in Auckland on July 10, New Zealand Prime Minister Christopher Luxon announced a significant boost to bilateral trade, confirming that 57% of Wellington’s exports to New Delhi would be “tariff-free from day one.” Luxon shared his enthusiasm on social media, stating, “New Zealand businesses are set to boom with the India trade deal,” highlighting the immense potential this agreement holds for the nation's economy.
This groundbreaking announcement builds on a free trade agreement signed between the two nations in April, which aims to eliminate 95% of tariffs on goods from New Zealand. The economic ties between India and New Zealand have been steadily growing, with bilateral merchandise trade reaching $1.3 billion in 2024-25. The total trade in goods and services further underscores this robust relationship, amounting to approximately $2.4 billion in 2024, with services trade, notably in travel, IT, and business, contributing a substantial $1.24 billion.
Prime Minister Modi's visit is more than just a trade mission; it symbolizes a new chapter in India-New Zealand relations. Wellington sees this trip as reflecting the growing momentum in their relationship, with discussions expected to cover a wide array of topics. These include trade and investment, maritime security, education, technology, tourism, sport, and various global issues, indicating a comprehensive approach to strengthening ties across multiple sectors.
For India, this visit, part of a larger three-nation tour including Indonesia and Australia, is crucial for advancing its strategic foreign policy objectives. Ahead of his departure from Delhi, PM Modi emphasized that the tour would further bolster India’s Act East Policy, its MAHASAGAR Vision, and its overarching outlook towards a free and open Indo-Pacific. MAHASAGAR, an acronym for Mutual and Holistic Advancement for Security Across the Regions, encapsulates India’s vision for security and growth throughout the Indo-Pacific, underscoring the strategic importance of partnerships like the one with New Zealand.
