Depends on how extensively you want to paint the model.
The first thing you will need is primer. Krylon makes some excellent matte primers that apply evenly and dry smooth. The last thing you want is a primer that gives the model a gritty texture.
As for paints, I typically paint a wide variety of fantasy and sci-fi models, so I have sampled most of the paints out there. I am not a huge fan of paints made by companies like Testors, Tamiya or Model Masters. The coverage and workability of those paints is somewhat limited, although for your purposes they may work. I would recommend acrylic paints, as you can thin them with water and it makes cleanup a whole lot easier.
My favorite paint line is Reaper Master Series. The paints come in triads of shadow color, base coat and highlight color.
If you want a realistic battle damaged effect on your model, you will need to use a technique called washes. After you lay down your base colors, take darker shades of the base colors, or another color (red brown for rust, blackish-grey for smoke, etc.) and water it down until it is almost transparent. Then simply brush on this thinned down color in a series of washes. Only a little of the color will remain, giving the effect of weathering or battle damage.
You can also choose to drybrush over the washes once they dry to further the effect. With drybrushing, you load your brush with paint, and then wipe most of it off with a cloth. With the remaining paint on your brush, make very quick brushstrokes over the model in random directions. The edges of the model will pick up the paint, giving a light source highlight effect.
Now comes the question of painting the grooves between the armored plates on your Gundam model. Some people use artist quality ink pens, which you can find in a variety of thicknesses and colors at any art store. I tend to use a very thin brush and line these grooved areas with paint. This process is called lining, appropriately enough, and it requires that you water down your paint color to the consistency of milk. This will ensure that the paint flows into all the crevices of your model without tampering the coloring on the surrounding areas. Some people use black, which is probably appropriate for a Gundam model. For a more realistic effect, variations on shades of brown or grey work as well.
Finally you need a sealer to protect your paint job. Again you can find a variety of finishing products at any art store, in either a matte or glossy finish depending on your preference. Some modelers swear by Future floor polish for sealing their models, and you can find recipes online on a number of modelers websites.