Unlocking Trade Potential: India and New Zealand's Path to Economic Prosperity

India and New Zealand aim to enhance bilateral trade by addressing market access issues and promoting sector collaborations. With current trade at USD 1.5 billion, both countries plan to double it in five years by improving connectivity and leveraging cultural ties. Indian exports already enjoy significant duty-free benefits in New Zealand.

India and New Zealand must resolve market access challenges and foster partnerships in key industries to strengthen their trade relations, which currently stand at USD 1.5 billion, the Global Trade Research Initiative (GTRI) stated on Sunday.

The two nations should aim to double bilateral trade within five years by identifying products suitable for early tariff relief and holding business delegations and roadshows across India, according to the think tank.

GTRI also noted that India's proposed free trade agreement with New Zealand might have minimal benefits for domestic businesses, as they already enjoy duty-free access to numerous goods in New Zealand's market. New Zealand imposes a low average import tariff of 2.3 percent, much lower than India's 17.8 percent.

(With inputs from agencies.)