India’s Union Minister of Commerce and Industry Piyush Goyal and New Zealand’s Minister for Trade and Investment Todd McClay have signed a landmark India New Zealand Free Trade Agreement. This deal is being described as a major step forward in strengthening economic and strategic ties between the two countries.
Todd McClay called the agreement a once in a generation opportunity and said it opens a new chapter in bilateral relations. The agreement is expected to deepen trade cooperation and unlock long term growth opportunities for businesses and investors on both sides.
Piyush Goyal described the FTA as a defining milestone that will boost exports, support MSMEs and bring a commitment of USD 20 billion investment into India. The investment is expected to support agriculture, manufacturing, infrastructure, startups and emerging technologies.
The agreement expands market access across 118 service sectors and includes a Most Favoured Nation commitment in about 139 sub sectors. It is designed to strengthen exports, innovation and service led growth while creating more opportunities for skilled professionals and startups.
The deal offers 100 percent duty free access for Indian exports to New Zealand. India will provide market access in 70 percent tariff lines covering 95 percent of New Zealand’s bilateral trade. However sensitive sectors such as dairy and key agricultural products including milk, cheese, onions, sugar, spices and edible oils are excluded to protect farmers and domestic industries.
Labour intensive sectors such as textiles, leather, footwear, engineering goods and processed foods are expected to benefit significantly. Duty free inputs like wooden logs, coking coal and metal scrap will help improve manufacturing competitiveness and strengthen supply chains.
The agreement also boosts talent mobility. Indian students will get post study work rights of up to 3 years for STEM graduates and 4 years for doctoral scholars. A dedicated quota of 5000 temporary employment visas will create new pathways for Indian professionals in New Zealand.
In agriculture and wellness, both countries will collaborate on productivity partnerships including centres of excellence for apples, kiwifruit and Manuka honey. The deal also promotes Ayurveda, Yoga and traditional knowledge systems globally, strengthening India’s leadership in AYUSH and supporting women led enterprises.
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