New Zealand Prime Minister Christopher Luxon praised the India-New Zealand free trade agreement as a rare chance, highlighting the vast potential of the Indian market. Luxon expressed excitement over the deal, anticipating job creation, wage increases, and enhanced opportunities for New Zealanders. He emphasized India’s growing population and economy, positioning the FTA as a strategic move for New Zealand to align with India’s economic growth trajectory.
Luxon highlighted that the agreement would lead to a significant reduction in trade barriers, with 57% of New Zealand’s exports to India becoming tariff-free immediately and further reductions phased in over time. This move is expected to boost the competitiveness of New Zealand products in India and globally. The FTA, finalized on April 27, is seen as a landmark moment in the bilateral relationship, opening up new avenues for trade, investment, and strategic cooperation between the two nations.
India’s Commerce and Industry Minister Piyush Goyal lauded the FTA as the seventh concluded under his tenure, signaling India’s commitment to expanding its global trade presence. The agreement, signed alongside New Zealand’s Trade and Investment Minister Todd McClay, is set to take effect by the end of the year.
