The minister further stated that this “mutually beneficial Agreement will further strengthen the India-New Zealand economic partnership.

India and New Zealand have successfully concluded a landmark ‘Free Trade Agreement’ in a record nine months, marking a significant milestone in the bilateral ties and further strengthening the India-New Zealand economic partnership, Union Minister Piyush Goyal said in a statement on Monday. 

Union Minister of Commerce & Industry Piyush Goyal stated that the landmark agreement was made under the guidance and leadership of Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon, and with the close & collaborative engagement of his counterpart Minister Todd McClay. The minister made the statement in a post on his X. 

Sharing the details of the India and New Zealand free trade agreement (FTA), the minister highlighted that the agreement will ensure Zero duty on 100% of India’s exports, with tariff elimination across all tariff lines. It will benefit farmers, MSMEs, workers, artisans, women-led enterprises, and youth, while providing immense opportunities for labour-intensive sectors such as textiles, apparel, leather, and footwear. Sectors like engineering & manufacturing, automobiles, electronics, machinery, plastics, pharmaceuticals & chemicals will also stand to benefit.

The India and New Zealand Free Trade Agreement is expected to provide a significant boost to investments, with New Zealand committing to facilitating $20 billion in FDI into India over 15 years, targeting manufacturing, infrastructure, services, innovation, and job creation.

With a focus on empowering farmers, Goyal said, the FTA opens new opportunities for Indian agricultural products in New Zealand’s markets, including fruits, vegetables, coffee, spices, cereals, and processed foods. Through the Agricultural Productivity Partnership, Centres of Excellence, and access to New Zealand’s advanced agri-technologies, farmers will significantly benefit from higher productivity, improved quality, and higher incomes. Targeted initiatives for horticultural products such as honey, kiwifruit, and apples further strengthen the sector and support sustainable growth.

The minister noted that in the view of domestic sensitivities, India has safeguarded agriculture and allied products, including dairy, sugar, coffee, spices, edible oils, precious metals (gold and silver), precious-metal scrap, copper cathodes, and rubber-based products, thereby ensuring the protection of farmers, MSMEs, and domestic industries.

The FTA is expected to create new opportunities for India’s services sector, spanning IT & ITeS, finance, education, tourism, construction, and other areas. New Zealand’s first-ever annexes on health, traditional medicine, student mobility, and post-study work open up unprecedented avenues for Indian professionals and students.

In addition, enhanced mobility provisions, including working holiday visas, post-study work pathways, and a dedicated quota of 5,000 temporary employment visas for skilled Indian professionals, will enable Indian talent to access better global opportunities, the minister added in the post. 

The minister further stated that this “mutually beneficial Agreement will further strengthen the India-New Zealand economic partnership and advance India’s journey towards the vision of Viksit Bharat 2047.”

PM Modi talks to the New Zealand PM after the conclusion:

Prime Minister Narendra Modi called the agreement an “important moment” in India-New Zealand relations, with a strong push to bilateral trade and investment.

PM Modi said that he had a “very good conversation” with PM Christopher Luxon, earlier today, following the conclusion of the India-New Zealand Free Trade Agreement.

PM Modi added that “this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries.”

“The India-NZ partnership is going to scale newer heights. The FTA sets the stage for doubling bilateral trade in the coming 5 years,” PM Modi earlier said in a separate post on his X.

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