Free trade agreement with New Zealand will significantly strengthen bilateral economic ties: Government

New Delhi, 22 December. The Free Trade Agreement (FTA) with New Zealand will greatly deepen bilateral economic ties, broaden market access and boost investment flows. India said this in a statement on Monday. Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon on Monday announced the conclusion of negotiations on a “historic” free trade agreement (FTA) between the two countries. The two Prime Ministers spoke over phone after which negotiations on a Free Trade Agreement (FTA) were declared concluded.

“The two leaders jointly announced the successful conclusion of the historic, ambitious and mutually beneficial India-New Zealand Free Trade Agreement,” the Ministry of External Affairs said in a statement. It said the two leaders agreed that the conclusion of the Free Trade Agreement (FTA) in a record time of nine months reflects the shared ambition and political will to further deepen relations between the two countries.

“This free trade agreement will deepen bilateral economic engagement, broaden market access, promote investment flows and strengthen strategic cooperation between the two countries,” the Ministry of External Affairs said. It will also open new opportunities in various fields for innovators, entrepreneurs, farmers, small and medium enterprises, students and youth of both the countries.

It said that both the leaders expressed confidence in doubling the bilateral trade in the next five years as well as New Zealand investing US$20 billion in India in the next 15 years. “The two leaders also welcomed the progress achieved in other areas of bilateral cooperation such as sports, education and people-to-people ties,” the Ministry of External Affairs said. Also confirmed its commitment towards further strengthening the India-New Zealand partnership.