India, NZ to bolster ties and revive free trade | Australian Markets

Indian Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon have signed agreements to deepen defence and financial ties, a day after the nations introduced the revival of free trade settlement negotiations.

Modi and Luxon met in New Delhi on Monday and signed agreements on enhancing co-operation in defence, food processing, prescribed drugs, renewable power and significant minerals.

Luxon mentioned he held “highly productive meetings” with Modi and different Indian leaders that can improve ties between India and New Zealand. The defence relationship consists of joint navy coaching, he mentioned.

“New Zealand is committed to doing more with India across a wide range of areas — defence and security, trade and economics, people-to-people ties, education, tourism, sports and culture,” Luxon mentioned at a joint press convention with Modi.

Luxon was accompanied by business leaders and a number of other parliamentarians on his five-day go to to India.

India and New Zealand on Sunday agreed to revive free trade negotiations which were stalled for more than 10 years.

The announcement was made after discussions between New Zealand Commerce and Funding Minister Todd McClay and his Indian counterpart, Piyush Goyal.

India’s Commerce Ministry mentioned the free trade deal between India and New Zealand goals to “achieve balanced outcomes that enhance supply-chain integration and improve market access”. It didn’t offer different particulars.

Luxon in a assertion on Sunday mentioned: “It is through trade that we can boost the economies of both our countries, providing more jobs and higher incomes for Kiwis and Indians.”

The bilateral trade between India and New Zealand stood at $US1.7 billion ($A2.7 billion) within the 2023-24 financial 12 months.