The Free Trade Agreement, signed in the presence of PM Modi and his New Zealand counterpart Christopher Luxon, is expected to enhance trade opportunities for Rajasthan in several sectors, including textiles and apparel, leather and footwear, gems and jewelry, engineering goods, handicrafts, processed foods, pharmaceuticals, and plastic and rubber products, Ola said.
File Photo: IANS
India’s historic Free Trade Agreement (FTA) with New Zealand and the Comprehensive Economic Partnership Agreement (CEPA) with Oman will unlock new trade and investment opportunities for Rajasthan across key sectors such as textiles, gems and jewelry, and handicrafts, said Industries Commissioner Suresh Kumar Ola.
The Free Trade Agreement, signed in the presence of PM Modi and his New Zealand counterpart Christopher Luxon, is expected to enhance trade opportunities for Rajasthan in several sectors, including textiles and apparel, leather and footwear, gems and jewelry, engineering goods, handicrafts, processed foods, pharmaceuticals, and plastic and rubber products, Ola said.
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“The elimination of tariffs of up to 10 percent on several product categories will enable our state’s exporters to access the New Zealand market more competitively. This agreement is expected to particularly benefit labor-intensive sectors, which form the backbone of Rajasthan’s industrial ecosystem, by boosting production, exports, and job creation,” he said.
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“It also opens new avenues in services, education and skilled workforce development, as New Zealand is creating dedicated visa pathways for Indian students and professionals. This will benefit the youth of the state and skilled professionals in IT, engineering, healthcare, education, construction, AYUSH, and tourism,” Ola added.
In addition, the agreement includes a commitment of US$20 billion in investments over 15 years, providing Rajasthan with opportunities to attract long-term foreign investment in manufacturing, infrastructure, agricultural value chains, renewable energy, and other emerging sectors.
“Similarly, the Comprehensive Economic Partnership Agreement (CEPA) signed with Oman under the leadership of PM Modi and His Majesty Sultan Haitham bin Tariq will provide new opportunities for economic growth in Rajasthan,” the Industries Commissioner said.
“Under CEPA, Oman has eliminated duties on 98.08 percent of its tariff lines, while India has offered concessions on 77.79 percent of its tariff lines. Several key sectors, including gems and jewelry, textiles, leather, footwear, sporting goods, plastics, furniture, agricultural products, engineering products, pharmaceuticals, medical devices, and automobiles, will benefit from the complete elimination of tariffs,” he further said.
“In the gems and jewelry sector, precious and semi-precious stones, handcrafted jewelry, and value-added gemstone products will receive duty-free entry, leading to improved margins and increased export volumes. Similarly, in the textiles and handicrafts sector, handloom products, home furnishings, carpets, and apparel will gain better access to Gulf countries and re-export markets. Exports of leather, footwear, and furniture will also increase as tariffs have been eliminated for these MSME clusters,” an official spokesman said.
“In the agriculture and processed products sector, spices, pulses, oilseeds, and organic products will benefit from the acceptance of India’s NPOP certification, directly boosting exports, creating employment, and empowering artisans, women entrepreneurs, and MSMEs across Rajasthan,” the official spokesman added.
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