India and New Zealand are all set to sign theirfree trade agreementon April 27, aimed at doubling bilateral trade between the two countries. This comes more than four months after announcing the conclusion of negotiations on December 22 last year. The pact will be signed in the presence of Commerce and Industry Minister Piyush Goyal and Todd McClay, New Zealand's Minister for Trade and Investment, here at Bharat Mandapam, according to the commerce ministry.
Prime Minister of New Zealand, Christopher Luxon, shared a video calling the India-New Zealand Free Trade Pact a "once-in-a-generation agreement".
"We are signing a free trade deal with India that opens one of the biggest markets in the world to Kiwi exporters. It's a once-in-a-generation agreement that gives New Zealand exporters unprecedented access to 1.4 billion people and an economy that is set to become the third largest in the world. It puts New Zealand exporters on an equal or better footing to our competitors, and it opens the door to India's rapidly expanding middle class..." Luxon said in the video.
The India-New Zealand Free Trade Pact will give Indian companies duty-free access to the island nation's markets, and bring in USD 20 billion of investment over the next 15 years. Check the top points here:
1. The deal is aimed at doubling bilateral trade to USD 5 billion in five years.
2. The deal will also give India more temporary employment visas, easier access for pharmaceuticals and medical devices.
3. While the agreement will eliminate or reduce tariffs on 95 per cent of New Zealand's exports of items.
4. New Zealand will get duty-free access to goods such as sheep meat, wool, coal, wine, avocados and blueberries.
5. It will also get duty concessions on a number of items such as kiwifruit, wine, some seafood, cherries, avocados, persimmons, bulk infant formula, Manuka honey, and milk albumins.
6. New Delhi made no concessions on allowing imports of dairy, onions, sugar, spices, edible oils and rubber to protect farmers and domestic industry.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
