New Zealand begins ratification process for FTA with India
What's the story
The ratification process for the India-New Zealand Free Trade Agreement (FTA) has commenced in New Zealand, the Ministry of External Affairs (MEA) said today. The first parliamentary reading of the pact has already been completed. However, there is no fixed timeline for its implementation as yet. This was revealed by Rudrendra Tandon, Secretary (East) in the MEA, during a special media briefing on Prime Minister Narendra Modi's official visit to New Zealand.
Ratification assurance
New Zealand assures India of bipartisan political support
Tandon said that New Zealand has assured India of bipartisan political support for the agreement and a swift ratification process. He explained, "As far as the FTA is concerned, their ratification process has already started. The first reading has already taken place." According to Tandon, there are three readings in Parliament before ratification can happen under their system.
Implementation timeline
Optimism for swift ratification process
When asked about a specific timeline for the FTA's implementation, Tandon said, "There is no commitment of a set date, but the process of ratification has begun." He was hopeful that these readings would proceed quickly and the process would be completed sooner rather than later. This optimism stems from New Zealand Prime Minister Christopher Luxon's assurance that there is broad political backing for this agreement.
Investment focus
Focus on long-term economic partnership
On New Zealand's announcement of facilitating up to $20 billion in investment, Tandon said the focus is on creating a long-term economic partnership instead of imposing binding investment obligations. He clarified, "This is not an invitation just to invest; it is an invitation for a long-term partnership with India." The landmark India-New Zealand Free Trade Agreement (IN-NZ FTA) was officially signed on April 27.