New Delhi, April 27: India and New Zealand on Monday inked a ‘once-in-a-generation’ trade pact, giving duty-free access to 100 per cent of domestic exports, including textiles, leather footwear, and gems and jewellery, in the island nation.
The pact is expected to be implemented by the end of this year as it requires New Zealand Parliament’s approval. In India, the Union cabinet approves a trade pact.
For the second time in a trade deal, India has received FDI (foreign direct investment) commitment of USD 20 billion in over 15 years. A similar commitment of USD 100 billion was made by four-European nation bloc EFTA in its pact with India.
The India-New Zealand pact, signed by Commerce and Industry Minister Piyush Goyal and visiting New Zealand’s Trade and Investment Minister Todd McClay here, is expected to help double bilateral trade in goods and services to USD 5 billion in five years. Commenting on the pact, Prime Minister Narendra Modi said it will greatly benefit farmers, youth, women, MSMEs, artisans, startups, students, and innovators. “The investment commitment of $20 billion by New Zealand will further strengthen our cooperation in agriculture, manufacturing, innovation and technology, paving the way for a more prosperous and dynamic future for both countries,” Modi said in a social media post. Describing it as a “once-in-a-generation agreement”, New Zealand’s Prime Minister Christopher Luxon said it would provide exporters with unprecedented access to 1.4 billion people and to an economy set to become the world’s third-largest.
Commerce and Industry Minister Piyush Goyal said that this is India’s ninth agreement in the past few years, with 38 developed countries. (PTI)
