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India, New Zealand sign FTA with tariff relief

India and New Zealand signed the Free Trade Agreement (FTA) in New Delhi on Monday. The signing ceremony was presided over by Union Minister for Commerce and Industry Piyush Goyal and New Zealand’s Minister for Trade and Investment Todd McClay. Finalised in December last year, the agreement grants 100% duty-free access for Indian exports across all tariff lines, benefiting diverse sectors. The FTA also opens new avenues in services, mobility, education, healthcare, traditional medicine, and investment. Under the agreement, New Zealand’s 20 billion US dollar long-term commitment will support industrial growth, innovation, infrastructure, and job creation across the country. As part of the FTA, India has also firmly safeguarded its core interests by protecting sensitive sectors such as dairy, agriculture, and gems and jewellery through calibrated safeguards.
Speaking at the ceremony, Goyal said that the FTA has been concluded in a record nine months. He said that the pace reflects the depth of trust and shared ambition. He underlined that the signing of this FTA marks another defining milestone in the country’s engagement with the developed world, bringing the country closer towards achieving its dream of becoming a developed nation. Goyal added that it is the seventh FTA that has been signed in the last 3.5 years, with two more to be signed in the next few months with the European Union and the US.

McClay said that this agreement delivers opportunities that New Zealand exporters have never had in India. He added that the agreement will deliver thousands of jobs, unleashing huge potential for world-class exporters of New Zealand. McClay said that it will enhance established business relationships and accelerate the development of new partnerships, significantly boosting economic engagement and benefiting both New Zealand and India.

 


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