India and New Zealand are engaged in discussions to potentially introduce the Unified Payments Interface (UPI) in New Zealand, aiming to enhance ease of conducting business, trade, and tourism between the two nations. This initiative, along with the possibility of permitting the import of wooden logs from New Zealand, were key topics addressed during a bilateral meeting between Piyush Goyal, India’s Commerce and Industry Minister, and Damien O’Connor, New Zealand’s Minister for Trade and Export Growth.
The National Payments Corporation of India (NPCI) and Payments NZ have initiated early conversations about implementing the UPI system in New Zealand. Both sides agreed to continue deliberations on this matter. Introducing UPI in New Zealand is anticipated to facilitate business interactions, trade, and tourism between the two countries, as per the commerce ministry’s statement.
In addition to these discussions, the two ministers also touched upon topics such as the recent commencement of mango exports from India to New Zealand. They explored potential areas for innovative technical collaboration in agriculture, horticulture (including Kiwi fruit), pharmaceuticals, and processing, storage, and transportation.
Acknowledging the importance of air connectivity, the ministers welcomed the finalization of a memorandum of understanding (MoU) aimed at further liberalizing the bilateral Air Services Agreement between India and New Zealand.
Notably, India’s exports to New Zealand have risen to $548 million in 2022-23 from $487.6 million in the previous fiscal year. Similarly, imports have also witnessed an increase, reaching $478 million in 2022-23 from $375 million in 2021-22.
India’s students constitute the second-largest group of international students in New Zealand. The bilateral trade primarily involves imports of logs, forestry products, wood pulp, wool, and edible fruit and nuts from New Zealand, while India’s exports encompass pharmaceuticals, precious metals, textiles, motor vehicles, and various other goods.
Furthermore, major Indian IT companies have established their presence in New Zealand, and several Indian banks like Bank of India, Bank of Baroda, and New India Assurance operate commercially in the country.
