New Delhi, April 27: Union Commerce and Industry Minister Piyush Goyal stated on Monday that the India-New Zealand Free Trade Agreement (FTA) will generate new opportunities for businesses in both countries. He emphasized that it will strengthen value chains and deepen economic ties between India and New Zealand.
Addressing the India-New Zealand Business Forum in the national capital alongside his New Zealand counterpart Todd McClay, Goyal highlighted that India’s vast market, skilled workforce, digital capabilities, and manufacturing strengths complement New Zealand’s expertise in agri-tech, clean energy, and fintech.
Goyal remarked, “The strong participation of business leaders from both sides and the shared ideas have unveiled immense potential for deep trade, investment, and innovation-based cooperation between our nations.”
This FTA, concluded in a record nine months, marks a significant milestone in strengthening bilateral relations. Currently, trade in goods is estimated at $1.3 billion, with services at $634 million. Both countries aim to increase this to $5 billion over the next five years. A robust Indian diaspora of approximately 300,000 in New Zealand plays a crucial role in this partnership.
Under this FTA, New Zealand will receive tariff exemptions on 100% of Indian exports. Conversely, 95% of goods coming from New Zealand to India will benefit from reduced tariffs or exemptions.
Additionally, the agreement includes a provision for New Zealand to invest $20 billion in India over the next 15 years. This commitment is comparable to the $100 billion investment pledged by the European Free Trade Association (EFTA) in its FTA with India.
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Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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