New Zealand and India have today signed a once-in-a-generation Free Trade Agreement (FTA) which will lead to more jobs and higher incomes for Kiwis, Prime Minister Christopher Luxon and Trade and Investment Minister Todd McClay say.
Indian Minister for Commerce and Industry Piyush Goyal and Mr McClay signed the Agreement in New Delhi today in front of a large crowd of New Zealand and Indian businesspeople.
“The benefits of this FTA are widespread, and our business community is excited to see the doors of opportunity open to 1.4 billion people whose economy is set to become the third largest in the world,” Mr Luxon says.
“One in four jobs are tied to trade. In signing this FTA we are setting businesses up to succeed, boosting Kiwi jobs and enabling economic growth – and that means more money in Kiwis’ pockets.”
Mr McClay says the FTA supports New Zealand’s ambitious goal of doubling the value of exports in 10 years.
“This deal will deliver thousands of jobs and billions of dollars in additional exports,” he says.
“Creating opportunities for our businesses to diversify and create strong trading relationships provides economic security for New Zealanders – and that is crucial in these times of global unrest.”
Today’s signing ensures New Zealand is on track to benefit from a Most Favoured Nation clause for wine and services exports, whereby the better access the European Union has secured for its wine and services will be extended to our exporters if our agreement comes into force first.
“That clause will be worth tens of millions of dollars in extra exports for the New Zealand economy,” Mr Luxon says.
“Two-way trade is currently NZ$3.95 billion. The deal we have struck and the relationship we have built will grow this exponentially and deliver deep and lasting benefits for generations to come.”