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Union Commerce Minister Piyush Goyal on Monday said that the FTA signed with New Zealand is comprehensive and will elevate relatiions betwen countries to a strategic level.
"This is a free trade agreement with New Zealand which is both comprehensive and forward looking, reflecting the vision of our leaders, Prime Minister Modi and Prime Minister Luxon to elevate the relations to much higher strategic levels, much more comprehensively, which will not only include trade, education, R&D and innovation, services Sector, tourism, sports," Piyush Goyal said. The Commerce Minister also highlighted that the India-New Zealand FTA is expected to deliver a significant boost to India's exports, with New Zealand offering zero-duty market access on 100% of its tariff lines covering all Indian exports from the date of entry into force. The Minister informed that as per the provisions of the FTA, Indian students going to New Zealand for studies will now be eligible for 2 years work visa. He said the India New Zealand FTA will provide students and professionals with greater avenues for mobility and enhanced opportunities for education and employment. "For those taking a degree course or a bachelor degree with honours, they will be eligible for a 3 years work visa, while those graduating in STEM or taking a post-graduation degree, then they will be eligible for a 4 years work visa," he said. Cooperation has been agreed in AYUSH, culture, fisheries, audio visual tourism, forestry, horticulture and traditional knowledge systems. The FTA promotes India's AYUSH systems internationally, encourages medical value travel, and positions India as a global wellness hub. "Around 5000 of yoga instructors, chefs, AYUSH professionals, nurses will get professional work visas. We have also been able to open up 118 sectors which will give us opportunity to participate in tourism, IT, telecom, Audi-Visual etc." Labour-intensive sectors are among the biggest gainers. With New Zealand eliminating tariffs that earlier peaked at up to 10 per cent, Indian exporters of textiles and clothing will receive zero-duty access across 1,057 tariff lines. India's textile and apparel exports rose to USD 36.9 billion in 2024-25, while exports to New Zealand increased to USD 103 million, a trend expected to accelerate given New Zealand's annual global textile imports of nearly USD 1.9 billion. (ANI)
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