Legal verification of the New Zealand-India Free Trade Agreement (FTA) has been finalized, with both countries set to sign the agreement in New Delhi on April 27. Trade and Investment Minister Todd McClay highlighted the significance of this agreement, emphasizing the access it provides to a market of 1.4 billion people and a rapidly growing economy. McClay underscored the importance of the FTA amid global uncertainties, stating that it offers valuable opportunities for New Zealand’s exporters.
The FTA, described as a “once-in-a-generation agreement,” is poised to benefit New Zealand’s economy significantly. It will grant exporters access to a vast market and position New Zealand favorably in global trade. The agreement, concluded in December, will see tariffs on 95% of New Zealand’s exports to India either eliminated or reduced, marking a substantial milestone in bilateral trade relations.
The signing of the FTA will trigger a formal parliamentary treaty examination process, allowing for comprehensive scrutiny of the agreement by the public and relevant stakeholders. This transparent approach aims to ensure that all aspects of the FTA are thoroughly reviewed and understood before its implementation.
McClay confirmed that the government will adhere to established parliamentary procedures for the India FTA, ensuring that the agreement undergoes rigorous evaluation and assessment. The Select Committee will play a crucial role in examining the FTA text and National Interest Analysis, paving the way for further legislative steps to bring the agreement into effect.
