Historic India-New Zealand FTA: A New Era in Economic Cooperation

India and New Zealand have concluded talks for a free trade agreement in just nine months, marking a 'historic milestone' in deepening bilateral economic ties. The FTA aims to enhance market access, promote investment, and create opportunities for various sectors, with an FDI commitment of USD 20 billion.

In a groundbreaking development, India and New Zealand have reached a consensus on a free trade agreement (FTA) in just nine months. Prime Minister Narendra Modi hailed the agreement as a 'historic milestone' emblematic of strong political resolve and ambition to fortify bilateral economic ties, announced during a phone conversation with New Zealand's Christopher Luxon.

This agreement is poised to enhance market access and investment flows, including a Foreign Direct Investment commitment of USD 20 billion over 15 years. It opens opportunities for entrepreneurs, innovators, and various sectors in both countries and is projected to double bilateral trade within five years.

External Affairs Minister S. Jaishankar lauded the agreement as a 'landmark' moment that sets the pace for accelerated growth in Indo-New Zealand relations. New Zealand anticipates a substantial boost in exports to India, with forecasts predicting an increase of USD 1.1 billion to USD 1.3 billion annually over the next two decades.

(With inputs from agencies.)