Business News | India-New Zealand FTA Comes into Effect, Opens Access to over 1 Billion Customers,says Christopher Luxon
Get latest articles and stories on Business at LatestLY. New Zealand Prime Minister Christopher Luxon on Tuesday said the country's historic Free Trade Agreement (FTA) with India has come into effect, providing Kiwi businesses access to more than a billion additional customers with significantly reduced tariffs and creating opportunities for higher exports, investment and employment.
New Delhi [India], October 20 (ANI): New Zealand Prime Minister Christopher Luxon on Tuesday said the country's historic Free Trade Agreement (FTA) with India has come into effect, providing Kiwi businesses access to more than a billion additional customers with significantly reduced tariffs and creating opportunities for higher exports, investment and employment.
In a post on social media platform X, Luxon said the agreement was delivered through close cooperation with Indian Prime Minister Narendra Modi and would help expand economic activity in both countries.
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"As of today, our historic Free Trade Agreement with India is in effect," Luxon said, adding that the agreement would make it easier for New Zealand businesses to sell more products and services in the Indian market.
"From today, Kiwi businesses can reach over a billion more customers with significantly reduced tariffs," he said.
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Luxon said the improved market access would enable businesses to increase sales, hire more employees, invest in machinery and expand their operations.
He added that the resulting economic activity would support employment and wage growth in New Zealand, with the benefits flowing into local communities.
"That means it's easier for Kiwi businesses to sell more, hire more staff, invest in machinery and expand, creating more jobs and higher wages for Kiwis," the New Zealand Prime Minister said.
The agreement's implementation marks a step towards strengthening trade and economic engagement between India and New Zealand, with businesses expected to benefit from reduced tariff barriers and greater access to each other's markets.
Luxon also linked the agreement to his government's broader trade policy, saying the National Party had been working to secure international trade deals to support domestic economic growth.
"That's why National has been hustling on the world stage, getting trade deals done," he said, urging voters to continue supporting the party's approach.
The New Zealand Prime Minister's remarks highlighted the government's expectation that expanded access to India would help domestic businesses increase their international sales and channel the resulting gains into investment, employment and higher incomes at home.
While Luxon outlined the anticipated economic benefits of the agreement, his post did not specify the sectors expected to gain the most, the projected increase in bilateral trade or the estimated value of additional exports following its implementation.
The FTA is expected to provide a framework for businesses in both countries to explore expanded commercial opportunities as the two economies deepen their trade relationship. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)