New Delhi, October 19 (IANS). Union Commerce and Industry Minister Piyush Goyal said on Monday that with the Free Trade Agreement (FTA) between India and New Zealand coming into force from Tuesday, New Zealand will now do construction work with 'Made in India' JCB machines.
The Union Minister flagged off the first export consignment of JCB machines manufactured in Pune, Maharashtra to New Zealand.
“India-New Zealand FTA is opening new opportunities for our manufacturing sector,” Goyal posted on social media platform ‘X’.
He said, “Tomorrow on the auspicious occasion of Vijayadashami, India and New Zealand will begin a new chapter in their economic partnership as the FTA will come into force. This is truly a 'victory' for both the countries!”
By providing duty-free access to 100 per cent of India's exports to New Zealand, this FTA will open up significant opportunities for MSMEs, farmers, women, youth and labour-intensive sectors.
Goyal said, “This agreement opens up new avenues for our professionals while protecting India's core interests. Our farmers will get wider market access for fruits, vegetables, spices and other agricultural products. This will also be supported to increase productivity, support income growth and strengthen livelihoods. Sensitive sectors, including dairy, have been protected, ensuring that farmers' welfare remains at the center of our policies.”
New Zealand's commitment to facilitate investments of $20 billion in India has immense potential to strengthen manufacturing, infrastructure, services sector and innovation. This will promote enterprises and employment.
According to the Trade Promotion Council of India (TPCI), the India-New Zealand FTA is a game-changer for Indian trade policy.
The industry body said immediate 100 per cent zero-duty access across all product categories will provide Indian exporters, especially in the food processing, textile and light engineering sectors, an unprecedented competitive edge in the Oceania region.
The agreement, which provides 100 per cent duty-free market access on all 8,284 tariff lines covering Indian exports, paves the way for doubling bilateral trade to $5 billion within five years and commitments of $20 billion in long-term foreign investment in India.
The industry body said the duty of up to 5 per cent on processed foods, spices, seasoning products, confectionaries, bakery products, packaged cereals, sauces, fruit juices and processed vegetables will be reduced to zero from day one.
Duty-free access will open up significant opportunities for Indian value-added agricultural products to join supply chains in the Indo-Pacific region.
–IANS
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