India and New Zealand Free Trade Agreement will come into force from 20th of October this year. Addressing a press conference in New Delhi, Commerce and Industry Minister Piyush Goyal said that the Agreement provides duty-free access for 100 per cent of Indian exports to New Zealand. He said, the strategic partnerships reflects the shared ambition to deepen this cooperation and aspirational goal of doubling bilateral trade in goods and services to almost 35 thousand crore rupees in the next 4 to 5 years.
This will open new opportunities for Indian exports including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture and processed food products. At the same time, New Zealand will gain enhanced and access to the Indian market for products including wood, wool, sheep meat, and raw leather hides. The Agreement also creates new opportunities in services, investment and professional, student and youth mobility, including enhanced pathways for Indian professionals and students.
It provides for facilitating 20 billion US dollars of investment into India and strengthens bilateral cooperation in areas including agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology and trade facilitation. India and New Zealand share longstanding and close relations, anchored in strong people-to-people ties and expanding cooperation across trade and investment, agriculture, education, sports, technology and other areas. The FTA represents a significant step in further strengthening these ties and creating new opportunities for businesses and communities in both countries.
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