New Delhi: The New Zealand Minister for Trade, Todd McClay said on Tuesday that India and New Zealand can do much more together and a diverse bilateral relationship is significant to build two-way trade between the two countries.

The minister underscored that he is looking forward to India and his home country becoming formal partners in three agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and Indo-Pacific Economic Framework (IPEF). Economic cooperation between both countries can deliver results for businesses, communities and economies, he said.

"I believe New Zealand and India can do much more together... First, a multifaceted and diverse bilateral relationship is essential for 2-way trade... Improving our trade and economic relationship will deliver a real result for our businesses, communities and economies... New Zealand is deeply amazed by Indian Pacific Trade architecture through a range of bilateral agreements and through our membership of the CPTPP, the AANZFTA," he said.

He added, "India is already part of 3 pillars the supply chain pillar, the climate-focused cleaner economy pillar, and a fair economy pillar focused on rule of law issues such as corruption. We appreciate the constructive role of India's trade and negotiation of these pillars. And I'm looking forward to New Zealand and India becoming formal partners in these 3 agreements as they come into force..."

While addressing the New Zealand-India Economic Relations Partnership Pathway event in New Delhi, New Zealand Minister went on to mention that the global challenges can be overcome with the efforts of responsible nations and asserted that the nations should work together to ensure safety and prosperity.

He stated, "Global challenges are worrying and in our region they are acute. In this environment, responsible nations that understand each other must draw together more closely to safeguard our security and prosperity. strengthening global connections through trade and economic cooperation is my focus. I believe nations are at their best when they are leveraging their economic and commercial strengths to share benefits. I believe in stabilising the effects of trade and economic integration."

He also underscored the importance of New Zealand and India and said that "Our relationship with India also has partnership at its core."

He said, "Our relationship with India also has partnership at its core. The political, defence and security people to people. The cultural and economic elements of our relationship are at length. New Zealand wants a modern, broad-based, comprehensive relationship with India. We want our economic cooperation based on mutual benefit and shared interest."

He added, "This means supporting India's economic ambitions in a way that benefits both countries. It means knowing each other better and investing across a relationship in areas of importance to us both. And I'm keen to hear in my conversations here in Delhi about the areas where enormous potential for us to strengthen our partnership for New Zealand. You should expect to see an increasing tempo of engagement across all areas of our relationship and at all levels of government."

Both countries became independent in the same year and diplomatic representation of India was established in 1950 with the opening of a Trade Commission, which was later upgraded to High Commission. Tourism and sporting links, particularly in cricket, hockey and mountaineering, have also played a significant role in fostering goodwill between the two countries.

India is the second-largest source of international students in NZ pursuing higher education in various disciplines such as information technology, hospitality, science, engineering and architecture, according to MEA.