India and New Zealand are all set to sign their free trade agreement on April 27, aimed at doubling bilateral trade between the two countries. This comes
more than four months after announcing the conclusion of negotiations on December 22 last year. The pact will be signed in the presence of Commerce and Industry Minister Piyush Goyal and Todd McClay, New Zealand's Minister for Trade and Investment, here at Bharat Mandapam, according to the commerce ministry. Prime Minister of New Zealand, Christopher Luxon, shared a video calling the India-New Zealand Free Trade Pact a "once-in-a-generation agreement". "We are signing a free trade deal with India that opens one of the biggest markets in the world to Kiwi exporters. It's a once-in-a-generation agreement that gives New Zealand exporters unprecedented access to 1.4 billion people and an economy that is set to become the third largest in the world. 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..." Luxon said in the video.
Inside India-New Zealand Free Trade Deal
The India-New Zealand Free Trade Pact will give Indian companies duty-free access to the island nation's markets, and bring in USD 20 billion of investment over the next 15 years. Check the top points here:
1. The deal is aimed at doubling bilateral trade to USD 5 billion in five years.
2. The deal will also give India more temporary employment visas, easier access for pharmaceuticals and medical devices.
3. While the agreement will eliminate or reduce tariffs on 95 per cent of New Zealand's exports of items.
4. New Zealand will get duty-free access to goods such as sheep meat, wool, coal, wine, avocados and blueberries.
5. It will also get duty concessions on a number of items such as kiwifruit, wine, some seafood, cherries, avocados, persimmons, bulk infant formula, Manuka honey, and milk albumins.
6. New Delhi made no concessions on allowing imports of dairy, onions, sugar, spices, edible oils and rubber to protect farmers and domestic industry.
7. The other products that will not be covered under the pact include vegetable products (onions, chana, peas, corn, almonds), sugar, artificial honey, animal, vegetable or microbial fats and oils, arms and ammunition, gems and jewellery, copper and its products, and aluminium and articles.
Piyush Goyal, McClay Visit Taj Mahal Ahead of Signing
Union Minister of Commerce and Industry Piyush Goyal and New Zealand's Minister for Trade and Investment Todd McClay on Sunday visited the Taj Mahal in Agra, Uttar Pradesh, with their spouses, Seema Goyal and Nadine McClay. Union Commerce and Industry Minister Piyush Goyal said India and New Zealand are set to begin a "new chapter" in their economic relations with the upcoming Free Trade Agreement signing, calling it a key milestone in strengthening bilateral ties.
(With PTI Inputs)
