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Big announcement between India and New Zealand! FTA approved in PM Modi-Laksan meeting, know the whole deal

By Samira Vishwas

PM Modi Visit New Zealand FTA Agreement: Today is the second day of Prime Minister Narendra Modi’s visit to New Zealand, which is being considered as the beginning of a new era in the diplomatic history of both the countries. It is noteworthy that after a long gap of almost 40 years, an Indian Prime Minister has reached New Zealand soil.

On reaching Auckland, Prime Minister Modi was formally welcomed and given a ‘guard of honour’. given. New Zealand Prime Minister Christopher Luxon himself was present on this occasion and he warmly welcomed PM Modi.

Historic milestone in business relations

The biggest achievement of this tour is the Free Trade Agreement (FTA) between India and New Zealand. Prime Minister Modi, during delegation-level talks in Auckland on Saturday, described the agreement as a ‘historic milestone’ in the relations between the two countries. relaxed me.

He appreciated the leadership of PM Lakson for completing the process in a short time. PM Modi said that this agreement will breathe new life into our relations and will further strengthen our shared commitment towards friendship.

New dimensions of economic and strategic cooperation

During this visit, not only trade but also many important agreements related to defence, maritime security, education, investment and sports cooperation have been agreed. India and New Zealand had signed the FTA in April this year, and now its implementation will remove trade barriers to a great extent.

With the implementation of the agreement, tariffs on approximately 95% of goods coming from New Zealand will be reduced or completely eliminated. Specifically, 57% of New Zealand’s exports will be completely duty-free from day one. At the same time, this agreement is going to prove even more beneficial for India, because tariffs on 100% of the goods exported from India will be abolished.

The interests of Indian farmers were taken care of

Despite trade concessions, the Indian government has taken some stringent measures to protect its agricultural sector and the interests of farmers. Under the agreement, dairy products, sugar, apples and some other sensitive agricultural products have been kept out of the scope of tariff exemption, so that Indian farmers are not affected.

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World’s fastest growing economy

New Zealand Prime Minister Christopher Luxon, while welcoming PM Modi, underlined India’s economic strength. He said that India is one of the largest and fastest growing economies in the world today. According to Laxon, this visit of PM Modi will be a ‘win-win partnership’ which will ensure prosperity and regional security for the people of both the countries in the times to come.

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