In a post on social media platform X, Luxon said the agreement would provide a major boost to New Zealand businesses by expanding their access to one of the world’s fastest-growing economies.
“New Zealand businesses are set to boom with our India Trade Deal. Fifty-seven per cent of everything we export to India will be tariff-free from day one,” he said.
Modi will arrive in New Zealand on a two-day state visit from July 10-11 at Luxon’s invitation. The trip will be the first state visit by an Indian Prime Minister to the country in nearly four decades.
Earlier, announcing Modi’s visit, Luxon described India as one of the world’s largest and fastest-growing economies and underscored its growing importance to New Zealand’s prosperity.
He said the India-New Zealand Free Trade Agreement, signed in April, would deepen bilateral ties while driving higher exports, job creation and stronger economic growth for New Zealand.
According to Luxon, the agreement will open up fresh opportunities for New Zealand businesses by providing greater access to India’s 1.4 billion consumers, boosting incomes, employment and wages across the country.The free trade agreement grants duty-free access to all Indian exports entering New Zealand, while also seeking to strengthen bilateral trade, investment and cooperation in goods and services.
For India, the pact supports its broader Indo-Pacific economic strategy by expanding access to a high-income Pacific market. For New Zealand, it provides a stronger foothold in one of the world’s fastest-growing major economies at a time of heightened global trade uncertainty.
During his visit, Modi and Luxon are expected to hold wide-ranging discussions on trade, commerce and defence cooperation. The Indian prime minister will also meet business leaders, sportspersons and members of the Indian diaspora.
(With inputs from ANI)