India discusses launch of UPI in New Zealand to enable ease of doing biz

Don't want to miss the best from Business Standard?

India and New Zealand are discussing the introduction of the real-time payments system Unified Payments Interface (UPI) to enable ease of doing business between both countries and promote trade and tourism, according to a joint statement released by both nations on Tuesday.

The issue was discussed during a bilateral meeting between Commerce and Industry Minister Piyush Goyal and New Zealand's Minister for Trade and Export Growth, Damien O'Connor.

“Ministers welcomed early discussions between National Payments Corporation of India (NPCI) and Payments NZ regarding the Unified Payments Interface (UPI) system and agreed that both sides should continue deliberations on this issue,” an official statement said.

Both sides also discussed possible innovative technical collaboration in the fields of agriculture and horticulture, including kiwi fruit; pharmaceuticals; and processing, storage, and transportation.

“Ministers acknowledged the desirability of improving air connectivity between New Zealand and India and welcomed the finalisation of the Memorandum of Understanding (MoU) to further liberalise the bilateral Air Services Agreement between the two countries,” the statement said.

India's exports to New Zealand were $548 million in FY23, up from $487.6 million in FY22. Imports rose to $478 million in FY23 from $375 million in FY22.

India primarily imports logs and forestry products, wood pulp, wool, and edible fruit and nuts. Main exports include pharmaceuticals, precious metals and gems, textiles, and motor vehicles, as well as non-knitted apparel and accessories. All major Indian information technology companies are present in New Zealand. Bank of India, Bank of Baroda, and New India Assurance have commercial operations in that country.

- with inputs from PTI