India-New Zealand FTA Signed: The Free Trade Agreement (FTA) between India and New Zealand has been approved. This deal has provided job opportunities to 5000 Indian youth, tax-free entry to ‘Made in India’ and increased investment potential of up to $20 billion.
India NZ Free Trade Agreement: After a long wait, the big trade agreement between India and New Zealand has finally been signed, which experts are calling a “once in a decade” deal. On Monday, both the countries officially approved the much-awaited Free Trade Agreement (FTA). This agreement is not just a trade document but is being considered as a big step to decide the economic direction of the coming years.
This historic agreement was signed in the presence of India’s Commerce Minister Piyush Goyal and New Zealand’s Trade Minister Todd McClay. Its impact will not be limited only to big industrialists, but will also reach youth, farmers, small traders and common consumers.
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15 years old effort got its destination
The discussion about India-New Zealand FTA is not new. It started in 2010, but the talks came to a halt in 2015. It was reactivated last year and has now become one of India’s fastest growing trade agreements. Experts believe that this deal will prove to be very important to strengthen India’s economic strategy in the Indo-Pacific region.
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Career paths abroad will open for the youth
Indian youth are going to get the most direct benefit of this agreement. New Zealand will launch a new employment visa system, under which 5,000 Indian professionals will be able to work there for three years. This is big news for the youth associated with IT, education, health, financial services, construction and professional services. Apart from this, AYUSH experts, yoga instructors, Indian chefs and music teachers will also be able to find new opportunities through their skills in New Zealand. This is a special opportunity for those youth who want to make a career at the international level.
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Tax-free entry for ‘Made in India’
Indian exporters will get a big benefit of this FTA. Products from textiles, leather, plastics, engineering and other labour-intensive sectors will now be able to enter the New Zealand market without additional duties. This means that ‘Made in India’ products will be more competitive and Indian companies will get new markets. This is also being considered a big opportunity for small and medium industries.
Big foreign investment will come to India
It is estimated that in the next 15 years, foreign investment (FDI) of about $ 20 billion can come to India from New Zealand. This will give impetus to manufacturing, infrastructure, supply chain and new technology based industries. New Zealand will also get stronger access to India’s huge consumer market, further strengthening economic ties between the two countries.
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Relief to 54% of New Zealand products
Under the agreement, more than 54 percent of New Zealand’s products such as wool, coal, wood products and seafood will be able to come to India without additional taxes. This can provide Indian consumers with more choices and better quality products. However, the government has tried to maintain balance in this agreement.
There will be no compromise on the interests of farmers
The biggest concern in foreign trade agreements is the protection of domestic farmers and small producers. This time the Indian government has completely kept dairy, sugar and some sensitive metal sectors out of this deal. Its objective is clear, to protect Indian farmers from foreign competition. Strict import rules will also continue on agricultural products such as apples, kiwi and manuka honey. The government has made it clear that there will be no compromise with the interests of farmers.
Preparation beyond 2.4 billion dollars
At present there is a trade of about 2.4 billion dollars between India and New Zealand. This figure is expected to increase rapidly after this FTA. This agreement is not just trade, but a new chapter of strategic partnership, employment, investment and global economic impact. For India, this is being considered a big step towards strengthening its economic presence in the Indo-Pacific region. In the coming times, this deal can prove to be an important policy to create a balance between the dreams of youth, expansion of industries and protection of farmers.
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