Auckland [New Zealand], July 9 (ANI): A day before Prime Minister Narendra Modi's scheduled visit to the country, New Zealand Prime Minister Christopher Luxon announced that 57% of Wellington's exports to New Delhi would be 'tariff-free from day one'.

The New Zealand Prime Minister on Thursday took to social media platform X to welcome the proposed India-New Zealand trade pact, emphasising that it would substantially aid domestic enterprises by unlocking enhanced access to the Indian market.

https://x.com/chrisluxonmp/status/2075068187574751236?s=20

'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,' PM Luxon stated.

The announcement comes just ahead of PM Modi's two-day state visit to New Zealand, scheduled from July 10 to 11, following an invitation extended by his Kiwi counterpart. This marks the first state visit by an Indian Prime Minister to New Zealand in nearly 40 years.

Earlier, while announcing PM Modi's maiden official visit to the country, Luxon noted on X, 'I'm delighted to announce that Indian Prime Minister Narendra Modi will make his first official visit to New Zealand next week.'

The Prime Minister observed that India stands as one of the world's largest and fastest-growing economies, holding vital importance for New Zealand's economic well-being.

'We are taking the two countries' relationship to the next level with our New Zealand-India Free Trade Agreement, signed in April, which will deliver more jobs, higher exports and stronger economic growth for New Zealand,' Luxon added.

He further mentioned that the agreement will pave the way for fresh opportunities, granting New Zealand's goods and services access to a consumer base of 1.4 billion people, thereby 'bringing more money into Kiwi communities, creating jobs and lifting wages.'

India and New Zealand sealed a Free Trade Agreement (FTA) earlier this year to intensify bilateral commerce, catalyse investment, and expand joint cooperation across goods and services.

Under this framework, all Indian exports will receive duty-free access to the New Zealand market.

For India, the pact strengthens its footprint in a high-income Pacific economy, seamlessly aligning with its overarching Indo-Pacific economic strategy.

Conversely, for New Zealand, the FTA secures an expanded foothold in one of the world's fastest-growing major economies against a backdrop of global trade volatility.

During his visit to Auckland, PM Modi is scheduled to hold high-level bilateral discussions with Prime Minister Luxon to review the entire gamut of bilateral relations, with a specific focus on trade, commerce, and defence cooperation.

PM Modi is also expected to interact with leading business and sports figures, alongside addressing the Indian diaspora. (ANI)