|
Union Commerce and Industry Minister Piyush Goyal on Monday said New Zealand's commitment to facilitate USD 20 billion in investments into India under the bilateral Free Trade Agreement (FTA) would strengthen manufacturing, infrastructure and services while creating new employment opportunities.
The Minister's remarks came ahead of the implementation of the India-New Zealand FTA on October 20, which will provide duty-free access to all Indian exports entering the New Zealand market. Highlighting the investment potential of the agreement, Goyal said in a post on X, "New Zealand's commitment to facilitate USD 20 billion in investment into India holds immense potential to strengthen manufacturing, infrastructure, services & innovation, supporting enterprise & employment." The investment commitment is a significant component of the agreement, which seeks to deepen economic ties between the two countries beyond trade in goods and services. Speaking to reporters on the sidelines of an event marking the implementation of the FTA, Goyal said the agreement would benefit Indian farmers, micro, small and medium enterprises (MSMEs), entrepreneurs and workers across sectors. "Starting tomorrow, 100% of the goods from every sector in India going to New Zealand will go there with zero duty," he said. The duty-free access is expected to improve the competitiveness of Indian exports, particularly in labour-intensive sectors such as textiles, apparel, leather and footwear, while creating opportunities for engineering goods, pharmaceuticals and agricultural products. Goyal also highlighted the benefits for Indian farmers through a special agricultural partnership aimed at improving productivity and incomes. "Our farmers will gain wider market access for fruits, vegetables, spices & other agricultural produce, alongside cooperation to improve productivity, support higher incomes & strengthen livelihoods," he stated in his X post. The Minister said Centres of Excellence would be established under the agricultural partnership, particularly in areas such as apples, kiwifruit and honey. He also emphasised that sensitive agricultural sectors, including dairy, would remain protected under the agreement. Goyal said the Commerce and Industry departments would work with state governments to inform farmers, entrepreneurs and businesses about opportunities arising from the FTA. The agreement was signed on April 27 and ratified on September 21. Bilateral trade in goods and services currently stands at USD 2.4 billion, with both countries targeting NZD 7 billion in trade by 2030. (ANI)
|
