India-New Zealand FTA opens new avenues for trade, investment; leaders hail it as 'win-win pact'

New Delhi, April 27 The Free Trade Agreement (FTA) between India and New Zealand has drawn strong support from policymakers, industry leaders and trade representatives, who described it as a "balanced" and "forward-looking'' pact expected to significantly boost bilateral trade and economic cooperation.

New Zealand’s Minister for Trade and Investment, Todd McClay, termed the agreement ''very comprehensive'', stressing that both sides had worked hard to ensure it remains equitable. He said the pact would open up vast opportunities for businesses and individuals in both nations.

''It’s a very comprehensive agreement. We’ve worked very hard to make sure it’s balanced. It will be a huge opportunity for Indians in New Zealand and New Zealanders here. It is about two countries that want to cooperate,'' McClay told IANS.

He also highlighted the growing personal rapport between Piyush Goyal and himself, as well as between Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon, expressing confidence that bilateral trade would see significant growth in the coming years.

Echoing similar sentiments, former New Zealand MP Kanwaljit Singh Bakshi described the agreement as a ''remarkable commitment'' by both governments. He said the FTA is expected to benefit both countries equally, with a target to double trade volumes within five years.

''I think it is a very good step and the commitment shown by both governments is remarkable. Hopefully, this will benefit both countries. Trade is expected to double in five years,'' Bakshi said, citing the example of New Zealand’s trade growth with China over the past decades.

From India’s political leadership, BJP MP Praveen Khandelwal told IANS, "It is a very historic day today, when under the leadership of Prime Minister Narendra Modi, our Union Commerce Minister Piyush Goyal, has done FTA with New Zealand. In large numbers, India's pharmaceuticals, India's textiles, AI-generated products, auto components, and in large numbers, other goods can now be exported to New Zealand easily.''

''At the same time, India can import wool, timber and education technology from New Zealand. This is a win-win situation for both countries,'' he added.

Industry leaders also welcomed the development, noting its long-term potential. Sunil Kaushal, Chief Executive of the India New Zealand Business Council, said the agreement marks a new phase in bilateral ties.

''This FTA is very positive because it will bring both countries closer. This is just a start, and both nations have already been working together for over 16 years,'' he said.

Highlighting sector-specific benefits, A Sakthivel, Chairman of the Apparel Export Promotion Council, said the pact would open new doors for Indian apparel exporters, who currently have a limited share in New Zealand’s market.

''New Zealand’s apparel market is around $1.4 billion, but India’s share is only about 4 per cent. This agreement provides an opportunity to double our business in the next two to three years,'' he said.

Meanwhile, Anant Swarup, Secretary General at FICCI, said the FTA reflects India’s growing readiness to integrate with the global economy.

''We view this FTA from two perspectives. First, it shows India is ready to integrate more deeply with the global economy. Second, it demonstrates that Indian industry is prepared to strengthen itself and compete globally,'' Swarup noted.

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