India has welcomed the passage of legislation by the New Zealand Parliament for the India-New Zealand Free Trade Agreement. The move, bolstered by PM Modi's recent visit, is a significant step towards deepening bilateral economic ties.
India welcomes the passage of legislation by the Parliament of New Zealand on September 16 to give effect to the India-New Zealand Free Trade Agreement (FTA), signed in New Delhi on April 27. The passage of the legislation marks an important step towards bringing the Agreement into force and reflects the shared commitment of India and New Zealand to deepen and broaden their economic partnership.
According to the Ministry of Commerce & Industry's release, the visit of Prime Minister Narendra Modi to New Zealand in July, the first visit by an Indian Prime Minister to New Zealand in four decades, provided momentum to the bilateral relationship. During the visit, the two Prime Ministers reaffirmed their commitment to deepen economic engagement and emphasised the importance of early implementation of the India-New Zealand FTA.
Strengthening Bilateral Ties
India and New Zealand share longstanding and close relations, anchored in strong people-to-people ties and expanding cooperation across trade and investment, agriculture, education, sports, technology and other areas. The FTA represents a significant step in further strengthening these ties and creating new opportunities for businesses and communities in both countries.
Key Provisions of the Agreement
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.
At the same time, it provides enhanced and preferential access to the Indian market for New Zealand exports, including wood, wool, sheep meat and raw leather hides. The Agreement also creates new opportunities in services, investment and professional, student and youth mobility, including enhanced pathways for Indian professionals and students.
It provides for facilitating USD 20 billion 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.
Path to Implementation
India and New Zealand are working closely to complete their respective domestic processes and to facilitate the early entry into force of the Agreement. (ANI)
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