New Zealand’s Minister for Trade and Investment, Todd McClay, announced that the Free Trade Agreement (FTA) signed with India will be presented to New Zealand’s Parliament for approval. The aim is to expedite the process for the agreement to be operational within the current year. McClay emphasized that the FTA will eliminate tariffs on Indian exports to New Zealand from day one, with over 50% of exports enjoying zero tariffs immediately and the rest transitioning over seven years.
The minister highlighted that the FTA will establish a framework of rights and responsibilities that businesses can depend on, fostering economic growth and stability amidst global uncertainties. By committing to the agreement, India and New Zealand aim to provide businesses with a predictable trading environment, instilling confidence in investments. McClay underscored the importance of high-quality agreements in promoting economic prosperity for both nations.
McClay expressed optimism about the broad benefits of the FTA, noting that Indian exporters will face minimal restrictions and zero tariffs when trading with New Zealand. He emphasized the diverse range of Indian goods, from agricultural products to manufactured items, that will find a market in New Zealand due to consumer preferences for quality and variety. Additionally, New Zealand’s high-quality food products, such as lamb and seafood, will see increased demand in India, offering consumers more choices and quality assurances.
