Auckland, July 10 (IANS). The global expansion of India’s Unified Payments Interface (UPI) is continuously increasing. In this context, New Zealand’s Trade and Investment Minister Todd McLay said on Friday that his country is ready to welcome India’s indigenous QR-based digital payment system UPI. He believes that this system can play an important role in modernizing New Zealand’s economy.
Talking to news agency IANS, Todd McClay said that New Zealand is an open economy and every technology coming there has to conform to the rules of the country. He said that this will not be a big challenge for UPI.
“UPI can definitely come to New Zealand. Digital infrastructure is extremely important today. We are modernizing our economy. We are completely open to the world and the free trade agreement (FTA) with India makes this process easier and more reliable,” he said.
McClay said that business relations between India and New Zealand are continuously strengthening. In the coming times, there will be a rise in business-to-business (B2B) cooperation and investment between the two countries.
He said, “New Zealand wants to increase investment in India and India will also invest in New Zealand. This type of interaction between the businessmen of the two countries will increase in the coming times.”
Late last month, UPI service was also launched in Greece. Through this, customers can make fast, secure and low cost international money transfers.
UPI currently handles approximately 49 percent of the world’s real-time digital payment transactions, making it the world’s largest real-time payment system. Currently, UPI is available in around nine countries for merchant payments and cross-border money transfers.
Amidst the threat looming on the global supply chain due to US-Iran tension, Todd McLay said that both India and New Zealand are working on strengthening mutual connectivity.
He said that new shipping services will be started between the two countries and maritime trade routes will be further strengthened.
McClay said, “Tensions are rising again in the Middle East. We want peace to prevail and all issues to be resolved through dialogue.”
He said that the free trade agreement provides more stability and confidence to business between the two countries.
He said, “There are always challenges in the supply chain, but India and New Zealand have decided to increase mutual cooperation. In the coming times, the shipping routes between the two countries will become stronger and their number will also increase.”
Bilateral trade between India and New Zealand has grown steadily over the years. The objective of the FTA signed between the two countries on 27 April 2026 is to further increase this trade and strengthen the strategic partnership.
The total trade between the two countries was about $900 million in the year 2019-20, which will increase to $1.3 billion in 2024-25.
During this period, India’s exports increased from $379 million to $711 million, while India’s imports from New Zealand increased from $522 million to $587 million.
Todd McClay also informed that Air New Zealand will open three new offices in India, so that air connectivity between the two countries can be promoted.
He said Air India and Air New Zealand have sought permission from New Zealand’s commercial regulator to collaborate on flights between the two countries.
“At a time when uncertainty is increasing in other parts of the world, the free trade agreement between India and New Zealand provides an opportunity for both countries to enhance cooperation while building greater trust in each other,” McClay said.
He said that under this FTA, duty (tariff) has been abolished on 100 percent of the products going from India to New Zealand. At the same time, duty on 95 percent of the products coming to India from New Zealand has either been completely abolished or it has been significantly reduced.
–IANS
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