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Union Minister for Commerce and Industry, Piyush Goyal on Monday said the negotiations on Free Trade Agreements (FTAs), Comprehensive Economic Partnership Agreements (CEPAs), strategically with countries with countries having significant incomes, large market opportunities are playing a key role in India's vision for Viksit Bharat 2047.
"Under Prime Minister Narendra Modi's focused approach, and guidance to make India a global player at world stage in the farming, agriculture and services sector, and International player of relevance, we are negotiating these FTAs, CEPAs," Minister Goyal said. While speaking with the reporters after the signing of the FTA, Goyal said, "This is the seventh FTA signed under PM Modi's leadership in the last four years. All FTAs signed under PM Modi's leadership have been with countries that are not in competition with India but offer opportunities for India to grow." "In an increasingly protectionist world, India is trading more and concluding FTAs, resulting in a rise in exports, leading to prosperity for our farmers, traders, exporters & MSMEs," he said. Speaking on the India-New Zealand FTA, the minister said it's a "win-win" situation for both the countries. "While signing the FTAs, we have secured the interests of our farmers, fishermen and dairy sector, MSME, small and medium-scale industries, among others..." He said through this FTA, Indian farmers are going to gain significantly through market access as well as technology collaboration. Another key announcement was for the Indian students going to New Zealand for studies will now be eligible for 2 years work visa. Minister Goyal 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. India-New Zealand economic engagement has shown steady momentum. As per the government data, bilateral merchandise trade reached USD 1.3 billion in 2024-25, while total trade in goods and services stood at approximately USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion, led by travel, IT and business services. The FTA provides a stable and predictable framework to unlock the full potential of this relationship. (ANI)
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