India and New Zealand should aim to double their bilateral trade within the next five years by prioritizing tariff reductions and strengthening cooperation across key sectors, according to a recent report by the Global Trade Research Initiative (GTRI).
The report highlights that despite strong diplomatic ties, trade between the two countries remains below potential. It notes that high tariffs on agricultural products, dairy, textiles, and processed foods continue to limit market access and trade expansion.GTRI emphasised that a comprehensive trade agreement, focused on lowering tariffs and addressing non-tariff barriers, could significantly boost two-way trade. Sectors such as agriculture, dairy, education, renewable energy, pharmaceuticals, digital services, and technology were identified as areas with strong growth potential.
The report also underlined the importance of supply chain integration, investment cooperation, and easier mobility for professionals and students. Enhanced collaboration in sustainability, clean energy, and climate-friendly technologies could further deepen economic ties.
With both nations seeking to diversify trade partners amid global uncertainties, GTRI said a renewed push toward a balanced and mutually beneficial trade framework could help India and New Zealand achieve the ambitious target of doubling bilateral trade over the next five years. 📈🤝
