The India-New Zealand Free Trade Agreement (FTA), which is India’s first women-led FTA with nearly all of the negotiation team being female, is a historic milestone, according to Prime Minister Narendra Modi. Union Commerce and Industry Minister Piyush Goyal’s post, which PM Modi tweeted, emphasizes that India’s FTAs now go well beyond tariff reductions as part of a larger goal to develop the economy and better millions of people’s lives. “In this insightful article, Union Minister Shri @PiyushGoyal explains that India’s FTAs today go well beyond tariff reductions, forming part of a broader mission to strengthen the economy and improve the lives of millions,” the Prime Minister remarked in response to a post made by Goyal on X.
The FTA creates new opportunities for all-encompassing economic cooperation and represents a turning point in India’s trade diplomacy. The Agreement provides real and broad economic benefits by providing better market access for Indian commodities, increasing opportunities in services and mobility, and strengthening cooperation in agriculture, investment, and developing areas. In addition to a $20 billion investment commitment spread over 15 years to bolster long-term economic and strategic cooperation, the FTA removes duties on all Indian exports.
The instant removal of duties (zero duty) on 100% of New Zealand’s tariff lines (8,284 tariff lines) from “Entry into Force” (EIF) is covered by the country’s market access offer. According to the government, the benefits of this agreement are anticipated to be wide-ranging, strengthening India’s standing as a reliable, forward-thinking international partner and advancing the goal of a globally integrated Viksit Bharat 2047. These benefits are projected to extend from farmers and MSMEs to students and skilled professionals.
