Commerce and Industry Minister Piyush Goyal and New Zealand’s Minister for Trade and Investment Todd McClay held discussions with leaders from various sectors in Agra. Goyal expressed satisfaction with the engagement and highlighted the launch of the ‘Agra: World Capital of Footwear’ brand campaign, emphasizing Agra’s potential as a global sourcing hub.
The India-New Zealand Free Trade Agreement (FTA) was discussed as a significant development, offering new prospects for farmers, artisans, and businesses. Goyal emphasized that the FTA aligns with Prime Minister Narendra Modi’s vision for a stronger partnership between the two nations. McClay reiterated New Zealand’s strategic focus on India and encouraged collaborative ventures and investments.
The FTA, set to be signed soon, will eliminate tariffs on a large portion of trade between the two countries. India will gain duty-free access on all tariff lines, benefiting various sectors like textiles, leather products, ceramics, and automobiles. Certain exclusions from the FTA include dairy products and specific farm goods.
Additionally, the FTA outlines a substantial investment commitment from New Zealand to India over the next 15 years. It also includes provisions for enhanced mobility for professionals and students, with opportunities for Indian students to work part-time in New Zealand and extended post-study work visas. The agreement further allows for skilled Indian professionals to obtain visas for specific sectors of interest, along with a Working Holiday Visa program for young Indians.
