• The first Round Table Joint Meeting between India and New Zealand with the industry and industry associations of both the countries was held in New Delhi on June 8.

• India and New Zealand decided to increase cooperation in areas such as facilitation of Unified Payment Interface (UPI) system, timely resolution of trade issues, work visa, and improving banking relations.

• Looking at the present quantum of bilateral trade between the two countries, both sides acknowledged the huge potential and the need for bringing in synergy for enhanced economic relations in areas of mutual interest.

• The discussions also focused on taking forward the objectives of the Joint Trade Committee (JTC), formed under the Bilateral Trade Agreement of 1986.

India-New Zealand relations

• India and New Zealand have historically shared close and cordial ties. Similarities such as membership of the Commonwealth, common law practices and pursuing shared aspirations of achieving economic development and prosperity through democratic governance systems for diverse communities in both countries provide an excellent backdrop for deepening the friendly ties.

• Both countries became independent in the same year and diplomatic representation of India was established in 1950 with the opening of a Trade Commission, which was later upgraded to High Commission. 

• New Zealand identified India as a priority country in its “Opening Doors to India” policy notified in October 2011, which was reiterated in 2015. 

• Education and tourism are New Zealand’s growth sectors with India. Indian students are the second largest source of international students for New Zealand. 

• India is New Zealand’s 11th largest two-way trading partner with bilateral trade valued at $1.80 billion during the year ending September 2020. 

• India primarily imports logs and forestry products, wood pulp, wool and edible fruit & nuts from New Zealand. Indian exports to New Zealand  mostly are pharmaceuticals/medications, precious metals and gems, textiles and motor vehicles and non-knitted apparel and accessories.

• Both sides are committed to work towards a high-quality, comprehensive and balanced bilateral free trade agreement, which is being negotiated since 2010.

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