India & New Zealand conclude Free Trade Agreement
India and New Zealand have successfully concluded the historic, ambitious and mutually beneficial Free Trade Agreement (FTA). Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon announced this today. PM Modi today held a telephonic conversation with Luxon.
The negotiations were initiated during Christopher Luxon’s visit to India in March this year. The two leaders agreed that the conclusion of the FTA in a record time of nine months reflects the shared ambition and political will to further deepen ties. The FTA will significantly deepen bilateral economic engagement, enhance market access, promote investment flows, and strengthen strategic cooperation between the two countries.
It will also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors. With the strong and credible foundation provided by the FTA, both the Prime Ministers expressed confidence in doubling bilateral trade over the next five years, as well as an investment of 20 billion dollars in India from New Zealand over the next 15 years.
The leaders also welcomed the progress achieved in other areas of bilateral cooperation, such as sports, education, and people-to-people ties, and reaffirmed their commitment towards further strengthening the India-New Zealand partnership.
