The India-New Zealand Free Trade Agreement (FTA), announced by Commerce and Industry Minister Piyush Goyal, aims for zero duty on all of India’s exports, benefiting a wide range of stakeholders including farmers, MSMEs, artisans, and women-led enterprises.
This agreement, marked as a significant achievement in bilateral relations, promises substantial opportunities for labor-intensive sectors like textiles, automobiles, and pharmaceuticals, while also facilitating a commitment of $20 billion in foreign direct investment (FDI) from New Zealand into India over the next 15 years.
The FTA highlights new avenues for Indian agricultural exports, allowing products such as fruits, vegetables, and grains into New Zealand’s market, enhanced by collaborations in agricultural technology. Domestic agricultural products, including dairy and sugar, will have safeguards to protect local producers.
Additionally, the deal expands access for India’s services sector, including IT, finance, and tourism, with provisions for student mobility and work opportunities. New Zealand has introduced a new pathway for temporary employment for skilled Indian professionals, offering 5,000 temporary employment visas.
The agreement also addresses non-tariff barriers, establishing measures for regulatory cooperation and customs processes to optimize market access. This FTA is expected to strengthen economic ties and contribute to India’s vision for growth towards Viksit Bharat 2047. New Zealand Prime Minister Christopher Luxon expressed optimism about the FTA’s potential to enhance economic opportunities for New Zealanders as well.
Source – sarkaritel.com
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