India-New Zealand FTA Set to Boost Bilateral Trade on October 20

India and New Zealand are set to take their bilateral economic partnership to the next level as the India-New Zealand Free Trade Agreement (FTA) comes into force on October 20, according to Commerce and Industry Minister Piyush Goyal.

The agreement, signed on April 27, provides duty-free access for 100% of India's exports to New Zealand from its entry into force. This means that Indian goods will have a competitive edge in the Wellington market over those of competitor nations.

Goyal stated that the pact also facilitates significant investments of USD 20 billion over the next 15 years from New Zealand to India, which will give capital to many of India's manufacturing sectors, along with technology. He emphasized the importance of promoting investments from New Zealand into India and mentioned a specific desk that will look into this partnership.

According to Goyal, the agreement establishes an agricultural productivity partnership between the two countries, where New Zealand's technology will meet India's scale and growing demand. The pact also provides preferential access to the large and fastest-growing economy of the world for New Zealand.