New Delhi, April 24: India and New Zealand are set to sign a Free Trade Agreement (FTA) on April 27. This announcement was made by New Zealand Prime Minister Christopher Luxon on Friday.
Luxon shared the news on the social media platform ‘X’, stating, “We will sign the Free Trade Agreement with India on Monday.”
Alongside his announcement, Luxon posted a video detailing how this FTA will benefit New Zealand. During this time, he also visited a factory.
In the video, Luxon mentioned, “I am at the Hamilton Jet plant in Christchurch. This company exports jet engines used in boats to over 70 countries. Currently, this company faces tariffs. With this deal, an 8.25 percent tariff will be applied to exports of water jets to India, creating numerous high-skilled job opportunities.”
Earlier this week, New Zealand’s Trade and Investment Minister Todd McClay stated that the legal verification process for the India-New Zealand Free Trade Agreement has been completed, and both countries will sign the agreement on April 27. A large number of representatives from the business sectors of both nations will be present during the signing.
McClay emphasized, “This is a once-in-a-generation opportunity. It allows our exporters to access a vast market of 1.4 billion people and sell their goods in an economy that is on track to become the third-largest in the world.”
He added that amid global instability, a trade agreement with India has become more crucial than ever for New Zealand’s prosperity.
The minister noted, “Signing the FTA will provide New Zealand with the opportunity to formally begin parliamentary treaty reviews, allowing the public to thoroughly examine the agreement.”
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