|
Commerce and Industry Minister Piyush Goyal and his New Zealand counterpart Todd McKlay described India and New Zealand Free Trade Agreement (FTA), as a "comprehensive" and "forward-looking" framework aimed at deepening economic and strategic ties between the two nations.
Speaking at the signing ceremony, Goyal said the agreement goes "far more than an Agreement on Tariffs and rules of origin," underlining its wide-ranging scope across sectors. "It is a comprehensive framework spanning market access, agri product productivity, investment and mobility, designed to benefit manufacturing, farmers, artisans, MSMEs, women, entrepreneurs, students and skilled professionals across both nations," he said. Highlighting key provisions, Goyal noted that New Zealand has committed market access in 118 sectors and Most Favoured Nation (MFN) status in 139 sectors. He added that the agreement opens dedicated work, study and holiday visa pathways for our professionals, students and young travellers. On agriculture, the minister said the pact would support rural economies through enhanced cooperation. "The agricultural productivity partnership raises productivity incomes and exportable surface," he said, adding that a mutual recognition agreement in organics would boost India's organic exports. Goyal also pointed to investment opportunities, stating that the FTA is expected to "channel 20 billion US dollars into India," benefiting sectors such as agriculture, manufacturing, food processing and innovation while generating employment. He described the acceptance of Good Manufacturing Practices (GMP) and Good Clinical Practices (GCP) reports as a "game changer" for India's pharma and medical devices sectors. Emphasising the role of businesses, he said, "These FTAs are signed by governments, but they are delivered by enterprise," noting the presence of a large group of business partners at the signing. Drawing a cricket analogy, Goyal added, "This FTA is our shared pitch today, we open a new innings together. Let us bat well, score higher and build a partnership to last." New Zealand Trade Minister Todd McKlay termed the agreement "a significant step forward in a relationship that continues to grow in depth, ambition and strategic importance." He said strengthening ties with India remains a "key priority" for New Zealand. "We see India not only as a major economic partner, but as a country with which we share strong people-to-people links, complementary economies and a commitment to working constructively together in a changing global environment," Mcklay said. He highlighted the historical connection between the two nations, recalling how Indian and New Zealand troops fought side by side during the First World War, forging "camaraderie and bonds that endure." McClay described the agreement as the result of sustained efforts over the past two and a half years, reflecting "a shared determination to deliver outcomes that are practical, forward-looking and mutually beneficial." He noted India's rapid economic rise, calling it "a globally significant story" and reaffirmed New Zealand's commitment to partnering with India on its growth journey. The minister said the FTA would improve market access, reduce barriers and create "clear and predictable rules," enabling greater trade and investment flows while benefiting businesses of all sizes, including SMEs. "As ministers, we recognize the signing the agreement is not the end of the process. In fact, it is a beginning," McKlay said, stressing that its success would depend on effective implementation. He concluded by stating that the agreement marks "a new chapter" in bilateral relations, grounded in "mutual respect, shared interest and a clear ambition to work more closely together in the years to come." (ANI)
|
