India has signed a landmark Free Trade Agreement (FTA) with New Zealand, marking a significant milestone after a decade of negotiations. The agreement was formalized in the presence of Union Minister Piyush Goyal and New Zealand’s Trade Minister Todd McClay.
Key Highlights of the Agreement
The pact is expected to double bilateral trade from the current $2.4 billion to nearly $4.8 billion. Indian exports across sectors such as textiles, leather, and engineering goods will receive 100% duty-free access to the New Zealand market.
Investment and Services Opportunities
The agreement aims to attract $20 billion in investments over the next 15 years. It also opens up opportunities in high-value services including IT, finance, education, and tourism. A special visa pathway will allow up to 5,000 Indian professionals to work in New Zealand for up to three years.
Strategic Importance
This FTA is described as a 'once-in-a-generation' deal that strengthens economic ties between the two nations. It is expected to boost trade and investment flows, benefiting businesses and consumers in both countries.
The agreement comes after a decade of talks and is seen as a major step forward in India's trade diplomacy in the Asia-Pacific region.
