70% of Indian goods to enter New Zealand duty-free under FTA: Piyush Goyal

Agra: Union Commerce and Industry Minister Piyush Goyal on Sunday said India and New Zealand will sign a long-pending bilateral trade agreement on April 27 (Monday), marking a key step to boost trade ties between the two countries.


Speaking during his visit to Agra with New Zealand's Minister for Trade and Investment, Todd McClay, Goyal said the agreement was finalised after years of discussions at the highest level.

"On the bilateral trade agreement between India and New Zealand... after many years of discussions, which was also discussed by Prime Minister Narendra Modi and New Zealand's Prime Minister Christopher Luxon, it was finalised. It is going to be signed tomorrow," Goyal said.

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Highlighting the economic benefits, the minister said the agreement would significantly improve market access for Indian goods.

"Approximately 70 per cent of goods from India to New Zealand will reach there without any import duty," he said.

Goyal added that the pact would create fresh export opportunities for several sectors, particularly traditional and MSME-driven industries.

"We will get new opportunities for our Agra leather business and Uttar Pradesh handloom and handicrafts... to our one district one product... to our carpenters who make the goods to the handcarvers and many more opportunities," he noted.

The minister emphasised that the agreement would act as a catalyst for trade growth between the two nations in the coming months.

"In a few months, it will be a means of increasing trade between India and New Zealand," Goyal said.

The proposed free trade agreement is expected to deepen economic engagement, expand export avenues, and strengthen bilateral ties between India and New Zealand.

Meanwhile, Todd McClay, Minister for Trade and Investment of New Zealand, on Saturday said that the bilateral relationship with India is the strongest one he has ever known.

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McClay, while speaking to ANI, said, "It's very strong. In fact, it's probably the strongest relationship that I have ever known. We, as a government of New Zealand, have said that we want to make our relationship with India and its government a strategic priority... We have a shared history, and we also know that we need to keep working on that. I'm excited for the next few years. I think we will see direct flights between India and New Zealand. Many more people can come and visit for tourism... we're about to sign a free trade agreement."