India’s free trade agreement (FTA) with New Zealand came into effect at 12:01 am on October 20, granting all Indian goods, including leather, footwear, apparel and textiles, duty-free access to the New Zealand market.
The agreement also opens India’s 1.4-billion-strong consumer market to New Zealand products, expands opportunities in services and agriculture, and aims to facilitate $20 billion in foreign direct investment from New Zealand into India over the next 15 years.
Commerce and Industry Minister Piyush Goyal said the agreement aims to increase bilateral trade in goods and services from around $2.4 billion to approximately 7 billion New Zealand dollars, equivalent to nearly ₹35,000 crore, by 2030.
Goyal announced the implementation of the pact during a flag-off ceremony for a small excavator manufactured by construction equipment maker JCB India for export to New Zealand under the agreement.
He noted that JCB India currently exports 25 per cent of its total production from India to various countries and set a target of increasing the share to 50 per cent.
Goyal also said New Zealand has become the company’s 140th export destination.
The agreement is expected to strengthen bilateral economic ties, improve market access for Indian exporters and encourage greater investment between the two countries.
