New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said that the India-New Zealand Free Trade Agreement (FTA) marks a new chapter of opportunities for both nations as it came into force.
The FTA grants duty-free access to all Indian exports entering New Zealand and opens the door for expanded trade and investment ties between the two countries, according to the minister.
Announcing the development on social media platform X, Goyal said 100 per cent of Indian exports will pay ZERO duty.
“Indian goods can now enter New Zealand duty-free across all tariff lines, he said.
The minister also highlighted that New Zealand will facilitate investments worth $20 billion into India, describing it as a significant opportunity for economic growth and job creation.
At the same time, Goyal said the agreement protects India’s sensitive agricultural sectors.
“But we safeguarded our farmers’ interests. Sensitive sectors, from dairy and key farm products to animal products, remain protected. Our farmers’ welfare comes first,” he said.
Meanwhile, Confederation of All India Traders (CAIT) Secretary General and Chandni Chowk MP Praveen Khandelwal welcomed the implementation of the pact, saying it reflects India’s growing manufacturing strength and supports the vision of ‘Local to Global’, ‘Aatmanirbhar Bharat’ and ‘Viksit Bharat’.
Khandelwal said the FTA would create significant export opportunities for Indian sectors including textiles and apparel, leather and footwear, gems and jewellery, engineering goods, automobiles and auto components, pharmaceuticals, chemicals, agricultural produce and processed food products.
According to CAIT, zero-duty access to the New Zealand market is expected to enhance the competitiveness of Indian products and benefit MSMEs, artisans, farmers, manufacturers, women entrepreneurs and exporters.
The agreement also provides for New Zealand to facilitate $20 billion in investments into India while expanding opportunities for Indian professionals and youth.
India and New Zealand have set a target of achieving bilateral trade in goods and services worth NZ$7 billion by 2030, with industry representatives describing the FTA as a potential driver of exports, employment generation and economic growth.
Khandelwal said the pact demonstrates how Prime Minister Narendra Modi’s trade-focused diplomacy is helping Indian businesses access new global markets while continuing to safeguard sensitive domestic sectors. He urged traders, manufacturers and MSMEs to leverage the agreement to expand the global footprint of ‘Made in India’ products.
(IANS)
