India and New Zealand will sign a bilateral Free Trade Agreement (FTA) on Monday, which was finalised by PM Narendra Modi and New Zealand’s PM Christopher Luxon.
Kiwi Prime Minister has confirmed this development on Sunday, calling it a “once in a generation agreement” that will provide access to one of the world’s largest market for Kiwi exporters.
In a post on social media, Luxon said, “New Zealand’s Free Trade Agreement with India will be signed on Monday night,” while sharing a video outlining the expected benefits of the deal.
In his video message, Luxon highlighted the scale of the opportunity, saying, “We are signing a Free Trade deal with India that opens one of the biggest markets in the world to Kiwi exporters.”
He emphasised that the deal would allow exporters to tap into India’s vast consumer market and fast-growing economy. “It’s a once-in-a-generation agreement that gives New Zealand exporters unprecedented access to 1.4 billion people, in an economy that is set to become the third largest in the world,” he said.
Luxon also highlighted that the agreement would strengthen New Zealand’s global competitiveness. “It puts New Zealand exporters on an equal or better footing to our competitors, and it opens the door [to] India’s rapidly expanding middle-class,” he added.
He also highlighted the importance of trade to New Zealand’s economy. He said, “One in four of our jobs in New Zealand are already linked to trade, and this FTA means more jobs on New Zealand farms and orchards.”
According to him, this deal is set to boost incomes and economic activity across the nation. “It means more money coming into local communities, and it means more opportunity for your family to get ahead,” said Luxon, adding stronger economy would allow greater public investment.
Describing the agreement a “big win,” Luxon said it would help expand exports across key sectors. “This is a big win for New Zealand, and it makes it easier for Kiwis to sell more of what we are great at to the world,” he said, listing products such as “Kiwifruit from the Bay of Plenty, wine from Central Otago, seafood, meat, honey.”
Union Commerce Minister Piyush Goyal also informed about the deal. He said, “After long discussions between Minister McClay and me, the bilateral Free Trade Agreement was finalised by PM Narendra Modi and New Zealand’s PM Christopher Luxon. It is going to be signed tomorrow.”
The groundwork for the India-New Zealand FTA was first laid during the Christopher Luxon’s India visit last year.
With the inputs from ANI…
