India–New Zealand FTA to Boost Economic Partnership and Investment: Dr. S. Jaishankar

India–New Zealand FTA to Boost Economic Partnership and Investment: Dr. S. Jaishankar

28th April, Mumba/New Delhi (GNI) :– External Affairs Minister Subrahmanyam Jaishankar has described the India–New Zealand Free Trade Agreement (FTA) as a “historic milestone” in bilateral relations. He said it marks the beginning of a new chapter in economic cooperation, strategic trust, and future partnership between the two countries.

After years of negotiations, India and New Zealand finally concluded the FTA on April 27. Under the agreement, 100% of Indian exports to New Zealand will receive tariff-free access. Meanwhile, tariffs on 95% of goods coming from New Zealand to India will either be eliminated or significantly reduced. The agreement was signed in the presence of Commerce Minister Piyush Goyal and New Zealand’s Commerce Minister Todd McClay.

Following the agreement, EAM Jaishankar wrote on social media platform X, “The signing of India – New Zealand Free Trade Agreement today is a landmark for our ties. The FTA will forge stronger economic partnerships, boost investments and enhance market access for our exporters. It will also unlock new opportunities for innovators, entrepreneurs, farmers, MSMEs, women and youth. ”

In his post, the minister also shared key figures indicating significant benefits for India. He noted that the agreement includes a provision under which New Zealand will invest $20 billion in India over the next 15 years. Additionally, Indian exports will receive a major boost due to duty-free access to the New Zealand market, particularly benefiting sectors such as textiles, pharmaceuticals, and engineering. The agreement also provides for 5,000 annual visas for skilled professionals, which will enhance mobility in sectors like IT and healthcare. Currently, around 8,000 Indian students are studying in New Zealand, and the new agreement will further ease post-study work visa rules for them.

Dr. Jaishankar emphasized that the agreement was concluded in record time under the guidance of Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon. Notably, economic ties between the two countries are now at their strongest, with a shared goal of doubling bilateral trade to $5 billion over the next five years.eom GNI