Piyush Goyal expressed confidence on India-New Zealand free trade deal, told- what benefit will the country get

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Commerce and Industry Minister Piyush Goyal

India NZ FTA: Union Commerce and Industry Minister Piyush Goyal has expressed great confidence in the Free Trade Agreement (FTA) between India and New Zealand. Sharing a detailed post on his social media handle ‘X’ (formerly Twitter), he told the countrymen that this agreement will not only change trade statistics but will also have a positive impact on the lives of common Indians. Piyush Goyal informed that under the leadership of Prime Minister Narendra Modi and New Zealand PM Christopher Luxon, and with the support of their counterpart Minister Todd McClay, this historic deal has been completed in a record 9 months.

‘Zero Duty’ on every Indian product, these sectors will get silver

Referring to the biggest relief of this agreement, Piyush Goyal wrote in his post that as soon as this deal is implemented, there will be ‘zero duty’ on 100% of India’s exports. If you understand in simple language, now there will be no tax on Indian goods when sent to New Zealand. Its direct effect will be that New Zealand Now Indian goods will become cheaper and competitive in the markets. The biggest benefit of this will be given to sectors like textile industry, leather business, footwear and gems-jewellery of our country, which generate a large number of employment.

Not only big industries, but also small and medium industries (MSMEs), artisans and women entrepreneurs will now be able to sell their products directly in the international market without any hindrance. Apart from this, avenues of earning profits have also opened for sectors like engineering, automobile, medicines (pharmaceuticals), machinery and plastics. This step will play an important role in making India’s manufacturing capability recognized at the global level.

What is special for farmers?

This deal can prove to be a game changer on the trade as well as investment front. New Zealand has promised to facilitate foreign direct investment (FDI) worth 20 billion dollars (billions of rupees) in India in the next 15 years. This money will be invested in India’s sectors like manufacturing, infrastructure and innovation, which will directly create new job opportunities.

This agreement has also brought good news for the farmers. Now Indian fruits, vegetables, coffee, spices and processed foods will be easily accessible to New Zealand shops. Under the agreement, new technology will be shared to increase the income of farmers. New Zealand will share its advanced agri-technology with India, which will improve the quality of horticulture and farming. However, the government has taken full care of domestic sensitivities. This is why sensitive products like dairy, sugar, edible oil and gold and silver have been kept out of the scope of this agreement, so that our local farmers and dairy industry do not suffer any kind of loss.

Open doors for students and professionals

If you are a student or dreaming of a job abroad, then this news is a relief for you. This is the first time that New Zealand has made special provisions on health, traditional medicine and student mobility. This agreement will give a big boost to India’s service sector, especially IT, finance, tourism and education.

In the agreement, visa rules have been simplified for Indian talents. Now the ways of ‘Working Holiday Visa’ and working there after completing studies (post-study work) have become easier. Apart from this, a special quota of 5,000 temporary employment visas has been set for skilled Indian professionals. This means that India’s talent will now be able to easily make its place on the global platform.

Also read- Free trade agreement between India and New Zealand approved, new avenues of progress will open, announcement made after PM Modi’s call

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