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by IANS |
New Delhi, April 29 (IANS) New Zealand Prime Minister Christopher Luxon on Wednesday described India-New Zealand free trade agreement (FTA) as a once-in-a-generation opportunity, underscoring the scale and potential of the Indian market.
Days after the agreement was finalised in New Delhi, Luxon pointed to India’s emergence as the world’s most populous nation and a rapidly expanding consumer economy.
“This deal is extremely exciting for New Zealand. It’s going to create jobs, lift wages and provide more opportunities to Kiwis,” he said in a video message shared on social media platform X.
“With a population of around 1.5 billion and rising income levels, India presents a vast and increasingly affluent market seeking high-quality goods and services,” he noted.
Luxon emphasised that the FTA positions New Zealand to align closely with India’s economic trajectory as it transitions toward becoming one of the world’s largest economies.
“The agreement would significantly reduce trade barriers, noting that 57 per cent of New Zealand’s exports to India would become tariff-free from day one, with further reductions phased in over time,” he stated.
“This would enhance the competitiveness of New Zealand products in the Indian market and allow Kiwi exporters to better compete globally,” Luxon added.
On April 27, India and New Zealand have finalised a landmark Free Trade Agreement (FTA), marking a pivotal moment in their bilateral relationship.
The deal is being viewed by both nations as a transformative step, opening new avenues for trade, investment and strategic cooperation at a time when global economic alignments are rapidly shifting.
From India’s perspective, the agreement reflects an accelerating push to expand its global trade footprint.
Commerce and Industry Minister Piyush Goyal described the pact as the seventh free trade agreement concluded under his tenure in the past three-and-a-half years.
The deal was formally signed alongside New Zealand’s Trade and Investment Minister Todd McClay and is expected to come into force by the end of the year.
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