New Delhi, 20 October (H.S.): The Free Trade Agreement (FTA) between India and New Zealand came into force on Tuesday, granting Indian products 100 per cent duty-free access to the New Zealand market. Under the agreement, import duties on a range of New Zealand goods entering the Indian market have also been reduced to zero.

Union Minister of Commerce and Industry Piyush Goyal announced the development in a post on X, confirming that the India-New Zealand FTA had become effective on October 20. The agreement was signed in New Delhi on April 27 by Goyal and New Zealand’s Minister for Trade and Investment, Todd McClay.

Under the agreement, all Indian goods will receive 100 per cent duty-free access to New Zealand. Several products exported from India to the country will therefore enter without import duties, making it easier for Indian companies to sell their goods in the New Zealand market.

Goyal said the agreement’s implementation marked the beginning of a new chapter of opportunities for both countries. Under the FTA, New Zealand will also invest USD 20 billion, equivalent to approximately Rs 1.90 lakh crore, in India over the next 15 years.

According to the minister, the agreement aims to expand bilateral trade from its current level of USD 2.4 billion to approximately 7 billion New Zealand dollars, or around Rs 38,000 crore, by 2030.

“On the auspicious occasion of Vijayadashami, India and New Zealand are embarking on a new chapter in their economic partnership. The entry into force of the India-New Zealand FTA today is a true ‘victory’ for both countries,” Goyal said.

He also stated that New Zealand would now use ‘Made in India’ JCB machines.

Notably, the first consignment from India to New Zealand under the agreement was dispatched as part of the launch. The shipment included a compact JCB excavator manufactured in Maharashtra and was flagged off by Union Commerce and Industry Minister Piyush Goyal.

The minister said the agreement would create new opportunities for businesses, farmers, students and people from various other sectors in both countries.

---------------

Hindusthan Samachar / Jun Sarkar