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by IANS |
New Delhi, April 24 (IANS) As India and New Zealand prepare to sign a Free Trade Agreement (FTA) on Monday, both sides are expected to benefit from expanded trade ties and improved market access, New Zealand Prime Minister Christopher Luxon has said.
Taking to the social media platform X, Luxon said, "We will sign a Free Trade Agreement with India on Monday."
In a video message, Luxon said the agreement would improve market access for New Zealand exporters, particularly manufacturers of marine jet systems used in boats and exported to over 70 countries.
He added that the deal would help reduce trade barriers and strengthen commercial engagement between the two countries.
He also noted that certain exporters currently face tariffs while accessing the Indian market, and said the agreement would gradually ease such duties, improving competitiveness and supporting higher trade flows.
Luxon said the FTA would support increased business activity, employment opportunities and economic growth in New Zealand, while also strengthening bilateral trade linkages with India.
He added that the agreement would bring 'more jobs, higher wages and more opportunities,' highlighting the broader economic impact of the deal.
Once signed, the FTA is expected to expand trade and investment ties between the two countries and enhance export opportunities on both sides in a large and growing global market environment.
Earlier this month, legal verification of the New Zealand-India FTA was completed, with both countries agreeing to sign the pact on April 27 in the presence of a large contingent of business representatives, New Zealand Trade and Investment Minister Todd McClay said.
In a statement, McClay described the agreement as a “once-in-a-generation opportunity,” saying it would strengthen bilateral trade relations and provide improved access to each other’s markets.
He said that amid global economic and geopolitical uncertainty, strengthening trade partnerships remains important for long-term economic stability.
McClay added that signing the FTA would allow New Zealand to formally initiate parliamentary treaty examination, enabling public scrutiny of the agreement.
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