Prime Minister Narendra Modi on Monday hailed the India-New Zealand Free Trade Agreement (FTA) signed earlier today, calling it a landmark moment in the bilateral relationship between the two countries.
“Today marks a landmark moment in the India-New Zealand partnership! I am delighted that the India-New Zealand FTA signed today will add unprecedented momentum to our developmental partnership,” Modi said on X.
The Prime Minister further stated that the agreement “reflects the deep trust, shared values and ambition that bind our two nations.”
Modi claimed that the agreement will benefit farmers, youth, women and MSMEs and open new avenues for growth.
“This agreement will greatly benefit our farmers, youth, women, MSMEs, artisans, startups, students and innovators. It will open new avenues for growth, create opportunities and deepen our synergy across sectors,” the PM said.
The Prime Minister also noted that the investment commitment of USD 20 billion by New Zealand will further strengthen cooperation in agriculture, manufacturing, innovation and technology, paving the way for a more prosperous and dynamic future for both countries.
What did New Zealand PM Christopher Luxon say on FTA?
In a lengthy social media note on X, New Zealand Prime Minister Christopher Luxon said that the signing of the India-New Zealand Free Trade Agreement marked a historic milestone in the bilateral ties between the two countries.
He recalled his meeting with Prime Minister Modi 13 months ago following which both countries began the negotiations for the trade agreement.
“India is one of the world’s largest and fastest-growing economies, but our trade relationship has only begun to scratch the surface of its potential. Prime Minister Modi and I could see that an FTA would be a massive opportunity for both our two countries,” Luxon said.
He said the FTA will open the door to one of the world’s most dynamic markets and create unprecedented opportunities to trade, invest, innovate and connect for New Zealand.
“This deal will help diversify New Zealand’s export markets, support the goal of doubling the value of our exports over 10 years, and put New Zealand exporters on a more level playing field with competitors already enjoying preferential access in India,” he said.
For India, the New Zealand PM said, “this deal means growth, innovation and new opportunities. It gives Indian exporters tariff-free access to the New Zealand market from day one, and it gives Indian consumers improved access to our high-quality exports. It creates new ways for India to partner with New Zealand on agricultural productivity and benefit from New Zealand’s world-leading agri-tech and food-production expertise.”