New Delhi, Dec 22 (UNI) Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon on Monday announced the conclusion of a “historic, ambitious, and mutually beneficial” India–New Zealand Free Trade Agreement (FTA).
The leaders emphasized that negotiations were completed in a record nine months. They made the joint announcement during a telephone call, marking the successful completion of talks initiated during Luxon’s visit to India in March.
The two leaders agreed that concluding the FTA in just nine months reflects the shared ambition and political will to further deepen ties between the two countries.
The FTA is expected to significantly enhance bilateral economic engagement, improve market access, promote investment flows, strengthen strategic cooperation, and open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students, and youth of both countries across various sectors.
“With the strong foundation provided by the FTA, both leaders expressed confidence in doubling bilateral trade over the next five years, as well as attracting USD 20 billion in investment from New Zealand into India over the next 15 years,” the Ministry of External Affairs said in a statement.
The leaders also welcomed the progress achieved in other areas of bilateral cooperation, such as sports, education, and people-to-people ties, and reaffirmed their commitment to further strengthening the India–New Zealand partnership.
The leaders agreed to remain in touch to ensure continued collaboration.
New Zealand Prime Minister Christopher Luxon said he had spoken with India’s Prime Minister Narendra Modi following the conclusion of the NZ–India Free Trade Agreement.
“The FTA reduces or removes tariffs on 95 pc of our exports to India. It’s forecast that New Zealand exports to India could increase by $1.1–$1.3 billion per year over the coming two decades,” Luxon said.
“Boosting trade means more Kiwi jobs, higher wages, and more opportunities for hardworking New Zealanders. The agreement builds on the strong friendship between our two countries. India is one of the fastest-growing economies in the world, and this gives Kiwi businesses access to 1.4 billion Indian consumers,” the New Zealand PM added.
“Our government is relentlessly focused on fixing the basics and building the future, with new trade deals like this helping to grow our economy so all Kiwis can get ahead.”
UNI AAB
India, New Zealand announce Free Trade Agreement
