Union Commerce and Industry Minister Piyush Goyal on Monday said that the Free Trade Agreement (FTA) with New Zealand is comprehensive and forward-looking, and will elevate bilateral relations to a higher strategic level.
“This free trade agreement with New Zealand reflects the vision of our leaders, Prime Minister Narendra Modi and Prime Minister Christopher Luxon, to take the relationship to a much more comprehensive and strategic level. It goes beyond trade to include education, research and development, innovation, services, tourism and sports,” Goyal said.
The Commerce Minister said the FTA is expected to provide a significant boost to India’s exports, as New Zealand has offered zero-duty market access on 100 per cent of its tariff lines covering all Indian exports from the date the agreement comes into force.
Highlighting the benefits for students and professionals, Goyal said the agreement will enhance mobility and open up new opportunities for education and employment.
The minister said cooperation has also been agreed in areas such as AYUSH, culture, fisheries, audio-visual tourism, forestry, horticulture and traditional knowledge systems. He noted that the agreement would promote India’s AYUSH systems internationally, encourage medical value travel and help position India as a global wellness hub.
“Around 5,000 yoga instructors, chefs, AYUSH professionals and nurses will receive professional work visas. We have also opened up 118 services sectors, creating opportunities for Indian participation in tourism, IT, telecommunications and audio-visual services,” Goyal said.
Labour-intensive sectors are expected to be among the biggest beneficiaries of the FTA. With New Zealand eliminating tariffs that earlier went up to 10 per cent, Indian exporters of textiles and clothing will get zero-duty access across 1,057 tariff lines. India’s textile and apparel exports stood at USD 36.9 billion in 2024-25, while exports to New Zealand rose to USD 103 million. This trend is expected to accelerate, given that New Zealand’s annual global textile imports are valued at nearly USD 1.9 billion.
(ANI)
