The India-New Zealand FTA is India's first women-led Free Trade Agreement and a defining milestone in the bilateral economic journey of the two countries
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NEW DELHI — The India-New Zealand FTA is India's first women-led Free Trade Agreement and a defining milestone in the bilateral economic journey of the two countries, Commerce and Industry Minister Piyush Goyal said on Monday.
The minister was referring to the fact that a majority of the negotiation team was composed of women, including the chief negotiator, deputy negotiator, and sectoral leads. The landmark trade deal, promoted by Prime Minister Narendra Modi, is seen as a milestone for both gender inclusivity in trade negotiations and a boost for domestic industries and international trade relations.
Signed under the leadership of Prime Minister Modi and his New Zealand counterpart, Chris Luxon, the agreement was successfully concluded in a record nine months, with the steadfast efforts of New Zealand Trade Minister Todd McClay and both negotiating teams. This landmark agreement reflects deep mutual trust, shared ambition, and a common commitment to prosperity, Goyal said.
"It grants 100 per cent duty-free access for Indian exports to New Zealand, opening significant opportunities for MSMEs, farmers, women, youth, professionals and job-creating sectors, while safeguarding India’s sensitive interests through a balanced and calibrated framework," he said.
Goyal said that this forward-looking agreement will also facilitate $20 billion of investment into India, deepening cooperation in trade, services, investment, innovation, mobility, agriculture productivity and education, and creating pathways for skilled talent and students.
"A truly win-win partnership that advances the vision of Viksit Bharat, strengthens India-New Zealand ties, and sets a new benchmark for inclusive and trusted global cooperation," he remarked.
Besides, the FTA includes several provisions relating to the mobility of working professionals and students. New Zealand has signed an annex on student mobility and post-study work visas for the first time with any country. Under this, Indian students can work up to 20 hours per week while studying in New Zealand, with extended post-study work visas.
Further, the agreement includes a quota of 5,000 visas for skilled Indians for a stay of up to three years in the sectors of interest to India, which include AYUSH practitioners, yoga instructors, chefs, and music teachers, as well as other key sectors such as IT, engineering, healthcare, education, and construction.
Under the Working Holiday Visa programme included in the agreement, 1,000 young Indians annually can avail multiple entries in New Zealand for a period of 12 months.
India has also managed to keep several items out of the FTA, including all dairy products such as milk, cream, whey, yoghurt and cheese as well as agricultural produce such as onions.