New Delhi: The government on Thursday hailed the passage of legislation by New Zealand’s Parliament towards the free trade agreement (FTA) between the two countries. India and New Zealand are working closely to complete their respective domestic processes and to facilitate the early entry into force of the agreement, the Commerce Ministry said in a statement.
Signed in New Delhi on April 27, the agreement provides duty-free access for 100 per cent of Indian exports to New Zealand from the date of entry into force — opening new opportunities for Indian exports including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture and processed food products. It also provides enhanced and preferential access to the Indian market for New Zealand exports including wood, wool, sheep meat, and leather raw hides.
According to the Commerce Ministry, the visit of Prime Minister Narendra Modi to New Zealand in July this year provided momentum to the bilateral relationship. The FTA also creates new opportunities in services, investment and professional, student and youth mobility, including enhanced pathways for Indian professionals and students. According to the ministry, it provides for facilitating $20 billion worth 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.
Both the nations share close relations, anchored in strong people-to-people ties and expanding cooperation across trade and investment, agriculture, education, sports, technology and other areas.
Earlier, New Zealand Prime Minister Christopher Luxon welcomed the free trade agreement with India as a landmark deal that would open access to 1.4 billion Indian consumers and help boost jobs and incomes in New Zealand. New Zealand’s Parliament passed the legislation required to implement the FTA with India by a vote in favour of 93-29.