World News | More Than 50% Trade Growth in 3 Years; FTA to Double It in Next 5 Years: PM Modi at New Zealand's Gala Lunch
Get latest articles and stories on World at LatestLY. Prime Minister Narendra Modi on Saturday (local time) said bilateral trade between India and New Zealand has grown by more than 50 per cent in the last three years and expressed confidence that the recently signed Free Trade Agreement (FTA) would provide the foundation to double trade over the next five years.
Auckland [New Zealand], July 11 (ANI): Prime Minister Narendra Modi on Saturday (local time) said bilateral trade between India and New Zealand has grown by more than 50 per cent in the last three years and expressed confidence that the recently signed Free Trade Agreement (FTA) would provide the foundation to double trade over the next five years.
Addressing the Gala Lunch hosted in his honour by New Zealand Prime Minister Christopher Luxon in Auckland, PM Modi also welcomed New Zealand's USD 20 billion investment commitment in India, saying it would create new opportunities for New Zealand companies to become long-term partners in India's growth story.
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"This year, we signed the Free Trade Agreement in record time. With this achievement, new doors will open for industries in both countries, farmers and youth. With trade, we are preparing the blueprint for trust, technology and talent. In the last 3 years, there has been more than 50 per cent increase in our trade. We are confident that in the next 5 years, FTA will be a strong foundation to double our trade. We also welcome New Zealand's 20 billion dollar investment commitment in India. This will provide opportunities for New Zealand's companies to be long-term partners in India's growth story," PM Modi said.
Expressing gratitude to Prime Minister Christopher Luxon for the warm welcome and hospitality extended to him and the Indian delegation, PM Modi said the affection shown by the people of New Zealand would remain etched in their memories.
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"I express my sincere gratitude to my friend, Prime Minister Luxon, for the warm welcome and hospitality extended to me and my delegation. The enthusiasm shown in the welcome has made today's cold in Auckland feel somewhat less severe. The love and sense of belongingness we have received from the people of New Zealand during this journey will always remain in our hearts," he said.
The Prime Minister credited Luxon's visit to India last year with giving fresh momentum to bilateral relations and described his own visit as the beginning of a new chapter in ties between the two countries.
"Prime Minister Luxon's visit to India last year brought new energy to every sector of our cooperation. His leadership, clear vision, and strong commitment have provided a new pace and direction to the friendship between India and New Zealand. Today, after 40 years, an Indian Prime Minister is visiting New Zealand. And as I always say, there are many good deeds left by my predecessors for me to complete, and I am fulfilling them. This is the beginning of a new chapter in our relations," he said.
Highlighting the elevation of bilateral ties to a Strategic Partnership, PM Modi said the two democracies had decided to pursue practical cooperation with clear goals and measurable outcomes.
"The firm belief of India and New Zealand in democratic values provides us with a natural comfort for moving forward together. In the past few years, we have given unprecedented momentum to our relations. In today's meeting, we have taken the historic decision to elevate our cooperation to the level of a Strategic Partnership. Under this, we will move ahead with clear goals and solid results in every field," he said.
The Prime Minister also outlined priority areas under the Strategic Partnership, including digital payments and agriculture.
"To make our Strategic Partnership meaningful, we are turning the strengths of both countries into practical cooperation. In the field of Fintech, we are moving ahead with connecting India's UPI and New Zealand's payment system. In agriculture, dairy, and food processing, we have developed a strong framework for cooperation, which will benefit our farmers and cattle rearers," PM Modi said.
India and New Zealand on Saturday (local time) elevated their bilateral relationship to a "Strategic Partnership" and adopted the "India-New Zealand Strategic Partnership: Roadmap to 2030", setting out an ambitious framework to deepen cooperation across trade, agriculture, security, innovation and people-to-people ties over the next four years.
According to the India-New Zealand Joint Statement, the two Prime Ministers "decided to elevate the bilateral relationship to a 'Strategic Partnership'" and endorsed the "India-New Zealand Strategic Partnership: Roadmap to 2030" as "a framework to guide joint action over the next four years."
The Joint Statement added that the two leaders "agreed to an ambitious long-term vision for the Strategic Partnership, which aims to take bilateral relations to a new level, strengthen existing cooperation mechanisms and explore new avenues for deepening cooperation, both bilaterally and multilaterally."
Prime Minister Narendra Modi is on an official visit to New Zealand on July 10-11 at the invitation of Prime Minister Christopher Luxon. The visit is the first by an Indian Prime Minister to New Zealand in 40 years. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)