New Zealand FTA to Boost Agra's Leather Export Opportunities
FTA with New Zealand to provide huge opportunities for Agra's leather exporters: Goyal
The Economic TimesImage: The Economic Times
The upcoming free trade agreement (FTA) between India and New Zealand, set to be signed on April 27, is expected to significantly benefit Agra's leather exporters by providing duty-free access to New Zealand's markets. This agreement aims to double bilateral trade and attract $20 billion in investments over the next 15 years.
- 01The FTA will provide duty-free access for Indian goods, including leather products from Agra.
- 02Bilateral trade is expected to double, reaching approximately $4.8 billion.
- 03The agreement aims to attract $20 billion in investment over 15 years.
- 04Agra is a major hub for leather and footwear, dominated by micro, small, and medium enterprises (MSMEs).
- 05The FTA is part of broader discussions between Indian and New Zealand officials to enhance trade relations.
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The free trade agreement (FTA) between India and New Zealand, scheduled for signing on April 27, is poised to create substantial opportunities for Agra's leather exporters. Commerce and Industry Minister Piyush Goyal announced that the FTA will allow Indian goods, including leather products, to enter New Zealand's market without tariffs. This initiative is expected to double the current bilateral trade, which stands at around $2.4 billion, and aims to facilitate $20 billion in investments over the next 15 years. Agra, known for being one of India's largest leather and footwear clusters, will particularly benefit from this agreement, enhancing its role in both domestic supply and exports. Goyal emphasized that the FTA would promote two-way commerce and significantly impact the leather industry, which is primarily composed of micro, small, and medium enterprises (MSMEs). In addition to trade discussions, Goyal and New Zealand's Trade and Investment Minister Todd McClay visited the Taj Mahal, further strengthening bilateral ties.
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The FTA will enable Agra's leather exporters to access New Zealand's market without tariffs, potentially increasing their sales and profitability.
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