New Delhi, 19 October (H.S.): The free trade agreement (FTA) between India and New Zealand will come into force on October 20, Union Minister of Commerce and Industry Piyush Goyal said on Monday. Under the agreement, several Indian products from labour-intensive sectors, including leather, footwear, garments and textiles, will enjoy zero import duties in New Zealand.

Addressing a press conference in New Delhi, Goyal said the agreement, signed on April 27, would provide duty-free access to New Zealand for all Indian exports from Tuesday. He added that the pact would also pave the way for significant investments worth USD 20 billion from New Zealand into India over the next 15 years, creating extensive opportunities for Indian exporters.

The Union Minister also flagged off a shipment of mini excavators manufactured by JCB India for export to New Zealand under the trade agreement. He noted that the company currently exports 25 per cent of its total production in India to various countries.

“I am setting a target for them to increase this to 50 per cent. New Zealand has now become their 140th export destination,” Goyal said.

Goyal added that the agreement would also promote agricultural productivity partnerships, enabling New Zealand’s technology to complement India’s large-scale operations and growing demand.

However, sensitive sectors and products, including dairy, onions, chickpeas, peas, maize, almonds, artificial honey and sugar, have been excluded from the scope of the trade agreement.

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Hindusthan Samachar / Jun Sarkar