The finalized India-New Zealand Free Trade Agreement will go into effect on October 20. Piyush Goyal

The Free Trade Agreement between New Zealand and India will go into effect on October 20 of this year. Commerce and Industry Minister Piyush Goyal stated at a news conference in New Delhi that the Agreement gives 100% of Indian exports to New Zealand duty-free access. According to him, the strategic alliances are a reflection of the aspirational objective of doubling bilateral trade in products and services to about 35,000 crore rupees in the next four to five years.

Indian exports of textiles and clothing, leather goods, footwear, engineering items, medicines, agriculture, and processed foods will all benefit from this. New Zealand will also have better access to the Indian market for goods including raw leather hides, wood, wool, and sheep meat. Additionally, the Agreement opens up new avenues for professional, student, and youth mobility, investment, and services, including improved channels for Indian professionals and students.

In addition to strengthening bilateral cooperation in sectors such as agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology, and trade facilitation, it facilitates 20 billion US dollars of investment into India. Strong people-to-people relationships and growing cooperation in trade and investment, agriculture, education, sports, technology, and other fields are the foundation of India and New Zealand’s long-standing and intimate relationship. The FTA is a big step toward deepening these connections and opening up new commercial and community opportunities in both nations.