India and New Zealand have successfully concluded the historic, ambitious and mutually beneficial Free Trade Agreement (FTA). Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon announced this today. PM Modi today held a telephonic conversation with Mr Luxon.
The negotiations were initiated during Christopher Luxon’s visit to India in March this year. The two leaders agreed that the conclusion of the FTA in a record time of nine months reflects the shared ambition and political will to further deepen ties. The FTA will significantly deepen bilateral economic engagement, enhance market access, promote investment flows, and strengthen strategic cooperation between the two countries.
It will also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors. With the strong and credible foundation provided by the FTA, both the Prime Ministers expressed confidence in doubling bilateral trade over the next five years, as well as an investment of 20 billion dollars in India from New Zealand over the next 15 years.
The leaders also welcomed the progress achieved in other areas of bilateral cooperation, such as sports, education, and people-to-people ties, and reaffirmed their commitment towards further strengthening the India-New Zealand partnership.
Prime Minister Narendra Modi has said that the Free Trade Agreement (FTA) between India and New Zealand has set the stage for doubling bilateral trade in the coming five years. In a social media post, Mr Modi said, the India-New Zealand partnership is going to scale newer heights. He said, India welcomes investment worth over 20 billion dollars from New Zealand across diverse sectors.
Prime Minister said that India’s talented youth, vibrant startup ecosystem and reform-driven economy offer a strong foundation for innovation, growth and long-term partnership. PM Modi said, the two nations will continue to strengthen cooperation in other areas like sports, education and cultural
