FTA signing with New Zealand marks historic milestone in country’s journey towards global engagement: PM Modi

India and New Zealand signed the Free Trade Agreement (FTA) in New Delhi today. The signing ceremony was presided over by Union Minister for Commerce and Industry Piyush Goyal and New Zealand’s Minister for Trade and Investment Todd McClay. Finalised in December last year, the agreement grants 100% duty-free access for Indian exports across all tariff lines, benefiting diverse sectors. The FTA also opens new avenues in services, mobility, education, healthcare, traditional medicine, and investment. Under the agreement, New Zealand’s 20 billion US dollar long-term commitment will support industrial growth, innovation, infrastructure, and job creation across the country. As part of the FTA, India has also firmly safeguarded its core interests by protecting sensitive sectors such as dairy, agriculture, and gems and jewellery through calibrated safeguards.
 
Mr Goyal read out the message of Prime Minister Narendra Modi. In his message, Mr Modi has said that the signing of the FTA with New Zealand marks a historic milestone in the country’s journey towards deeper global engagement and shared prosperity. He said that this reflects the strengthening of economic partnership and a convergence of values, trust and shared ambition between two vibrant democracies. Mr Modi noted that the FTA catalyses new opportunities for farmers, artisans, youth, entrepreneurs, and MSMEs, unlocking pathways for global market access and enterprise across sectors.
 
Trade and Investment Minister of New Zealand, Todd McClay, also read the message of the Prime Minister of New Zealand, Christopher Luxon. In his message, Mr Luxon said that India is one of the world’s largest and fastest-growing economies, and the Free Trade Agreement is a massive opportunity for both countries. He said that the deal will help diversify New Zealand’s market, supporting the goal of doubling the value of exports over 10 years.
 
Speaking at the signing ceremony, Mr Goyal said that the FTA has been concluded in a record nine months. He said that the pace reflects the depth of trust and shared ambition. He underlined that the signing of this FTA marks another defining milestone in the country’s engagement with the developed world, bringing the country closer towards achieving its dream of becoming a developed nation. Mr Goyal added that it is the seventh FTA that has been signed in the last 3.5 years, with two more to be signed in the next few months with the European Union and the US.
 
Mr McClay said that this agreement delivers opportunities that New Zealand exporters have never had in India. He added that the agreement will deliver thousands of jobs, unleashing huge potential for world-class exporters of New Zealand. Mr McClay said that it will enhance established business relationships and accelerate the development of new partnerships, significantly boosting economic engagement and benefiting both New Zealand and India.
 
Addressing the India-New Zealand Business Forum earlier today, Mr Goyal said that the FTA reflects the shared trust between the two nations and sets the stage for doubling the bilateral economic trade. He said that the agreement will create new opportunities for businesses in countries, strengthening value chains, and further deepening economic partnerships. He underlined that the agreement will build various opportunities for the farmers, entrepreneurs, students, women, and innovators by benefiting trade, tourism, research and development, education, innovation, and the services sector. He also mentioned that the agreement will drive modern agricultural productivity, opening doors for Indian businesses in the region through well-integrated directional exports and providing the youth choices to learn, work and grow on a global stage.