New Zealand Trade and Investment Minister Todd McClay highlighted the positive impact of the India-New Zealand Free Trade Agreement (FTA) on both countries’ economies. The FTA, set to be fully operationalized soon, aims to boost trade by eliminating tariffs gradually over a seven-year period. McClay emphasized that the agreement would benefit citizens of India and New Zealand by promoting economic growth and providing more trade opportunities.
The FTA will lead to immediate tariff-free exports from India to New Zealand, with over 50% of exports enjoying zero tariffs on day one. By the end of the implementation period, about 95% of New Zealand’s exports will either be tariff-free or have significantly reduced tariffs. McClay expressed the importance of ensuring that the FTA’s benefits are accessible to all citizens of both countries.
McClay emphasized that the FTA would create a stable trading environment by establishing clear rules and commitments for businesses in both countries. Amid global economic uncertainty, the agreement serves as a model for fostering economic growth through high-quality trade agreements and commitment fulfillment. He highlighted the significance of negotiating such agreements to benefit citizens and promote economic prosperity.
