Indian Prime Minister Narendra Modi is on a tour of New Zealand and during this period 10 special agreements and 18 important decisions were taken between the two countries. India and New Zealand have set a target of increasing trade between the two countries to Rs 35,000 crore by 2030. India will supply chemicals, food processing, agricultural products and other goods to New Zealand. At the same time, many products including kiwi, other fruits and important minerals from New Zealand will come to India at lower prices.
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The agreement was signed at a bilateral meeting with Prime Minister Modi and Prime Minister Christopher Luxon in Auckland, New Zealand. PM Modi said that the Free Trade Agreement (FTA) was signed between the two countries in a record 9 months. The free trade agreement means most goods moving from India to New Zealand will be subject to zero tax. At the same time, low or zero tax will be charged on goods originating from New Zealand.
As part of the deal, New Zealand will invest Rs 1.72 crore ($20 billion) in India over the next 15 years. This is a big investment that will help in India’s development. Let’s understand the special agreement between India and New Zealand in 10 points…
Understand the India-New Zealand Agreement in 10 Points
- A roadmap to expand cooperation by 2030 will be prepared. Both countries will jointly focus on trade, defence, education, agriculture, sports, culture and tourism and increase trade volume to Rs 35,000 crore.
- Both countries will expand cooperation in the field of defense and maritime routes. Will cooperate in joint exercises and disaster relief. This will strengthen maritime surveillance. Public access to naval charts and data will also be provided.
- The armies of both countries will also provide each other with logistics capabilities if necessary. This will increase defense cooperation.
- A joint counter-terrorism task force will be formed so that the fight against terrorism can begin. An agreement was also reached on the exchange of intelligence information.
- New technologies and experiences in the field of dairy and livestock farming will be exchanged, which will benefit farmers and food security.
- An agreement in the field of tourism was also signed between the two countries. Both countries will facilitate travel, which will open up new job opportunities in the tourism sector.
- Cooperation in the field of elite sports, sports science and sports medicine. Sports such as rugby, rowing, athletics and golf will receive support.
- To increase employment, business and investment, a target has been set to achieve a turnover of Rs 35,000 crore by 2030.
- Cooperation in the field of food technology and safety will expand. A new action plan will be prepared for Kiwi.
- New Zealand will invest Rs 1.72 crore over the next 15 years in various ways and most goods between India and New Zealand will be imported and exported with ‘zero’ tax.
- It has been decided to link India’s UPI with New Zealand’s fast payments system, which will greatly simplify digital payments.
It is noteworthy that this deal was signed in the presence of Prime Minister Modi. Prime Minister Modi is in New Zealand on the last leg of his three-nation tour from July 6 to 11. This is the first visit by an Indian Prime Minister to New Zealand in 40 years. Earlier in 1986, Rajiv Gandhi left for New Zealand.
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