New Delhi, October 20 (IANS). The implementation of the India-New Zealand Free Trade Agreement (FTA) from today is a big Dussehra gift from Prime Minister Narendra Modi to the businessmen of the country. This statement was given by Confederation of All India Traders (CAT) general secretary and Chandni Chowk MP Praveen Khandelwal on Tuesday.
In an interview with IANS, Khandelwal said that the biggest feature of this agreement is that there will be zero percent duty on Indian goods exported to New Zealand. This will make Indian products more competitive in the global market.
He said, “I am confident that this will provide important business opportunities through exports to traders, industries and small artisans across the country. On behalf of nine crore traders of the country, I wish Vijayadashami and thank Prime Minister Narendra Modi for this initiative.”
Khandelwal said many sectors of India, especially automobiles, auto spare parts, grains and pulses, electronics, electrical products and pharmaceuticals, will now get access to New Zealand's large market.
He said that this FTA reflects India's growing manufacturing capacity and supports 'Local to Global', 'Self-reliant India' and 'Developed India'.
Khandelwal said the agreement will create significant export opportunities for several sectors including textiles and apparel, leather and footwear, gems and jewellery, engineering goods, automobiles and auto components, pharmaceuticals, chemicals, agro products and processed food products.
According to CAT, zero duty access to the New Zealand market is expected to increase the competitiveness of Indian products. This will benefit micro, small and medium enterprises (MSMEs), artisans, farmers, manufacturers, women entrepreneurs and exporters.
Under this agreement, New Zealand will also help in investing $20 billion in India. Also, opportunities for Indian professionals and youth will expand.
India and New Zealand have set a target of increasing bilateral trade in goods and services to NZ$7 billion by 2030. Industry representatives say that this FTA can play an important role in promoting exports, employment generation and economic growth.
Khandelwal said the agreement shows how Prime Minister Narendra Modi's trade-focused diplomacy is helping Indian businesses access new global markets, while also protecting sensitive sector interests domestically.
He urged traders, manufacturers and MSMEs to take advantage of this agreement to increase the global reach of 'Made in India' products.
–IANS
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