New Delhi, 22 December (H.S.): Union Commerce and Industry Minister Piyush Goyal described the newly concluded Free Trade Agreement (FTA) between India and New Zealand as a mutually beneficial pact on Monday, promising substantial advantages for Indian farmers, fishermen, and the dairy sector while fortifying the bilateral economic partnership en route to Viksit Bharat 2047.
In an X post, Goyal credited the swift nine-month negotiation—launched under Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon's guidance, alongside Trade Minister Todd McClay's close collaboration—for marking a historic milestone in ties. The FTA guarantees tariff elimination across 100% of India's tariff lines, unlocking opportunities in labor-intensive sectors like textiles, apparel, leather, footwear, marine products, gems, jewelry, handicrafts, engineering, manufacturing, automobiles, electronics, machinery, plastics, pharmaceuticals, and chemicals.
$20B FDI Pledge, Agri-Tech Boost with Safeguards
Goyal highlighted New Zealand's commitment to channel USD 20 billion in direct foreign investment into India over 15 years, targeting manufacturing, infrastructure, services, innovation, and job creation.
Agricultural productivity partnerships, Centres of Excellence, and access to advanced agri-technologies promise higher yields, quality, and incomes for Indian farmers in fruits, vegetables, coffee, spices, grains, and processed foods, with targeted initiatives for honey, kiwifruit, and apples.
Mindful of domestic sensitivities, India secured protections for dairy, sugar, coffee, spices, edible oils, precious metals (gold and silver), metal scraps, copper cathodes, and rubber-based products, shielding farmers, MSMEs, and industries.
The services sector gains unprecedented access in IT/ITeS, finance, education, tourism, construction, healthcare, and traditional medicine, complemented by enhanced mobility: 5,000 Temporary Employment Entry visas for skilled professionals, post-study work pathways, and 1,000 Working Holiday visas empowering Indian talent globally.
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Hindusthan Samachar / Jun Sarkar
