India-New Zealand trade deal to drive cooperation across sectors: Trade Minister Todd McClay

Auckland/New Delhi, July 10 (IANS) The India-New Zealand Free Trade Agreement (FTA) is one of the highest-quality trade deals negotiated by either country and will significantly boost bilateral trade and cooperation across sectors ranging from technology to science and culture, New Zealand Trade and Investment Minister Todd McClay said on Friday.

In an exclusive interview with IANS, McClay said the agreement will enable companies in India and New Zealand to build long-term, sustainable relationships while expanding cooperation across multiple sectors.

“It’s one of the highest-quality deals either country has negotiated. It allows for greater cooperation. I think in many areas, including ICT, you’ll see those cooperations growing. The two governments have said we trust each other, we’ve set in place rules, we’re going to honour them. That now enables the business communities to seek out high-quality partners and to build long-term sustainable relationships,” he said.

The minister said the FTA will not only accelerate two-way trade but also strengthen ties in science, culture, sports and people-to-people exchanges.

“You’ll see not only our two-way trade grow very quickly, you’ll see many other areas of cooperation—from science to people-to-people, to culture and sport—grow just as fast,” he told IANS.

Highlighting the significance of Prime Minister Narendra Modi’s visit, McClay said it marks the first visit by an Indian Prime Minister to New Zealand in four decades and comes just months after the signing of the landmark trade agreement.

“It is very significant. It’s the first visit by an Indian Prime Minister to New Zealand in 40 years. Of course, it comes just a few months after we signed our free trade agreement. There is a very big celebration that will happen here in our largest city, and all New Zealanders are looking forward to welcoming Prime Minister Modi, particularly the Indian-New Zealand community,” he said.

McClay noted that the Indian community, one of the largest ethnic groups in New Zealand, is expected to turn out in large numbers to welcome the Prime Minister.

On India’s digital public infrastructure and the possibility of technologies such as the Unified Payments Interface (UPI) finding acceptance in New Zealand, the minister expressed optimism.

“We’re a very open economy. Although you’ve got to fit with the rules we have in place, I don’t think that will be such a challenge. Ultimately, digital infrastructure is important. We’re modernising our economy, and the free trade agreement makes it easier and creates greater certainty,” he said.

–IANS

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