India and New Zealand have concluded a Free Trade Agreement, which is expected to take effect in seven to eight months. New Zealand Prime Minister Christopher Luxon said that this pact with India will enhance exports and pave the way for farmers, growers, and businesses. The Free Trade Agreement between the two countries will promote market access and investment flows, including an FDI commitment of USD 20 billion over 15 years.
Christopher Luxon said in a post on social media on Tuesday, “We’ve concluded a Free Trade Agreement with India. This will open doors for New Zealand farmers, growers, and businesses – boosting exports, creating jobs, and lifting incomes to help all Kiwis get ahead”.
Both countries’ Prime Ministers, Narendra Modi and Christopher Luxon, spoke by phone last month before announcing the successful conclusion of the trade deal. Following a similar pact with the UK in July and Oman in December, this is the third such Free Trade Agreement in months. It will help India to generate more temporary employment visas and easier access to pharmaceuticals and medical devices.
Luxon said the FTA will drive more employment opportunities, increased exports, and significant growth for all New Zealanders, describing it as a ‘landmark deal’ with the fastest-growing, largest economy. He further added that, since day one, the New Zealand government has worked hard to prioritise and invest in its relationship with India, noting that engagement with India has been ‘intensive’.
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Additionally, he said that India is a ‘trusted partner’ and that the result of this engagement is a high-quality trade agreement that will deliver precise and lasting benefits for New Zealand.
