Amit Shah praises India-New Zealand FTA as a milestone in trade diplomacy

Union Home Minister and Minister of Cooperation Amit Shah praised the India-New Zealand Free Trade Agreement (FTA) as a significant achievement of the Narendra Modi government’s trade diplomacy. The FTA, which is expected to bring in $20 billion in investments, offers promising opportunities for Indian innovators, entrepreneurs, farmers, MSMEs, students, and youth, according to Shah. Prime Minister Narendra Modi and New Zealand’s Prime Minister Christopher Luxon jointly announced the successful conclusion of the FTA during a telephone conversation. Both leaders expressed confidence in doubling bilateral trade over the next five years, along with an investment of $20 billion from New Zealand into India over the next 15 years. The negotiations for the FTA began in March and were concluded in a record time of nine months, showcasing the commitment to strengthen ties between the two countries. The FTA is expected to deepen economic engagement, enhance market access, promote investment flows, and strengthen strategic cooperation between India and New Zealand. It will also create new opportunities for various sectors and individuals from both countries. The agreement eliminates or reduces tariffs on 95% of New Zealand’s exports to India, with a significant portion becoming duty-free immediately and the rest subject to tariff cuts. This move is seen as beneficial for New Zealand exporters and as a gateway to India’s growing middle class, as per an official statement from New Zealand.