New Zealand-India FTA Opens Door to 1.4 Billion Consumers: PM Christopher Luxon

New Zealand Prime Minister Christopher Luxon on Wednesday hailed the country's free trade agreement with India as a landmark deal that would open access to 1.4 billion Indian consumers and help boost jobs and incomes in New Zealand. "People told me a Free Trade Agreement with India wasn't possible. Well, today that deal passed its final vote in Parliament. It's happening," Luxon said in a post on X. Luxon said the agreement would mean more New Zealand products being sold in India and help grow the country's economy.

"This landmark deal means more jobs, higher incomes for Kiwis. It means more New Zealand products being sold in India by opening the door to 1.4 billion Indian consumers," he said. He also said the agreement fulfilled a commitment made by his National Party to secure a free trade agreement with India during its first term in government. "National said we said we'd secure a Free Trade Agreement with India in our first term, and we've delivered," Luxon said. Earlier in the day, New Zealand's Parliament passed the legislation required to implement the FTA with India by a vote in favour of 93-29.

Trade and Investment Minister Todd McClay said the agreement would provide New Zealand exporters with greater access to India, one of the world's largest and fastest-growing economies. Under the pact, 57 per cent of New Zealand exports to India will become duty-free when the agreement takes effect. Once fully implemented, tariffs will be removed or significantly reduced on 95 per cent of exports. The kiwifruit industry alone is expected to save about NZ$125 million in tariffs over five years, McClay said. The agreement is expected to enter into force later this year after both countries complete their respective ratification procedures. It is also aimed at supporting a goal set by Luxon and Indian Prime Minister Narendra Modi to double two-way trade between the two countries by 2030.

Disclaimer: "This story has been published from a syndicated news feed. Only the headline and subtitle have been edited by EPN."