Signed by Commerce and Industry Minister Piyush Goyal and his New Zealand counterpart, Todd McClay, the FTA expands market access in 118 sectors and strengthens MSMEs, exports, and the innovation agenda.

Goyal stated that the trade agreement covers tariffs, training, investment, and agricultural productivity, empowering youth, farmers, women, craftspeople, and entrepreneurs.

The Indian minister noted that it provides a fast track for the pharmaceutical sector, a partnership for agricultural productivity, talent mobility, globalization of the AYUSH system, and greater protection of intellectual property.

It also facilitates expanded access to the New Zealand market to boost Indian labor-intensive sectors such as textiles, leather, footwear, engineered goods, and processed foods.

Authorities of this nation stated that it means a boost for agriculture, fishing, and manufacturing with zero-tariff market access for 100 percent of Indian exports.

India offered market access on 70 percent of tariff lines, covering 95 percent of bilateral trade with New Zealand.

The FTA is also underpinned by a commitment to invest 20 billion dollars in India to revitalize agriculture, manufacturing, infrastructure, start-ups, innovators, and emerging technologies.

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