India and New Zealand Sign Comprehensive Free Trade Agreement
India–New Zealand Free Trade Agreement Signing | Commerce Minister Piyush Goyal, Todd McClay | LIVE
The Economic Times
Image: The Economic Times
India and New Zealand have signed a Free Trade Agreement (FTA) aimed at enhancing trade relations. The agreement, which includes tariff reductions and focuses on sectors like leather and pharmaceuticals, is expected to boost India's leather industry significantly, with projections of growth to $50 billion USD by 2030.
- 01The India-New Zealand Free Trade Agreement (FTA) emphasizes comprehensive partnerships beyond tariff reductions.
- 02Tariffs on leather exports from India to New Zealand will drop to zero, benefiting Agra's leather industry.
- 03Industry leaders anticipate growth in the leather sector to reach $50 billion USD by 2030.
- 04The FTA includes provisions for investment, mobility, education, and people-to-people ties.
- 05Collaboration between New Zealand's raw materials and India's manufacturing capabilities is seen as a strategic advantage.
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The India–New Zealand Free Trade Agreement (FTA) was signed following an industry engagement program led by Piyush Goyal (India's Commerce Minister) and Todd McClay (New Zealand's Trade Minister) in Agra. This FTA is designed to foster a comprehensive partnership that extends beyond mere tariff reductions, incorporating aspects such as investment, mobility, education, and cultural exchanges. A significant highlight is the leather industry in Agra, which produces approximately 75% of India's footwear. The FTA will eliminate tariffs on leather exports to New Zealand, enhancing competitiveness and growth prospects. Industry leaders forecast that this sector could grow to $50 billion USD by 2030, driven by a transition towards high-value manufacturing and increased global sourcing opportunities. The collaboration between New Zealand's raw material resources and India's manufacturing strength is expected to yield significant benefits.
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The FTA is expected to significantly boost the local leather industry in Agra, enhancing job opportunities and economic growth.
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