70% Indian products to enter New Zealand duty-free under FTA
What's the story
India and New Zealand are set to sign a major trade agreement tomorrow. The deal is aimed at boosting bilateral trade and enhancing market access for Indian products. Union Commerce and Industry Minister Piyush Goyal announced that nearly 70% of Indian goods will enter New Zealand duty-free under the Free Trade Agreement (FTA). The pact is likely to open new export avenues for sectors such as leather, handloom, and handicrafts.
Economic impact
FTA to create new opportunities for MSME-driven industries
The proposed FTA is expected to deepen economic engagement and strengthen bilateral ties between the two nations. Goyal stressed that it would create fresh export opportunities, especially for traditional and MSME-driven industries. He said, "We will get new opportunities for our Agra leather business and Uttar Pradesh handloom and handicrafts to our one district one product... to our carpenters who make the goods to the handcarvers and many more opportunities."
Trade growth
Todd McClay welcomes the agreement
Goyal emphasized that the FTA would be a catalyst for trade growth between India and New Zealand in the coming months. He said, "In a few months, it will be a means of increasing trade between India and New Zealand." Todd McClay, New Zealand's Minister for Trade and Investment, also expressed his enthusiasm for the agreement during his visit to Agra with Goyal.