Wellington [New Zealand], April 27 (ANI): New Zealand Prime Minister Christopher Luxon on Monday described the recently signed India-New Zealand Free Trade Agreement (FTA) as a "historic milestone" that extends far beyond economic cooperation, underscoring its strategic significance amid global uncertainties.

In a post on X, Luxon recalled that it was just 13 months ago that he visited India and met Prime Minister Narendra Modi to formally launch negotiations for the agreement.

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Highlighting the rapid progress, he credited the efforts of Union Commerce and Industry Minister Piyush Goyal and New Zealand Trade Minister Todd McClay, along with their teams, for successfully concluding the deal.

"Today, we mark a historic milestone in the relationship between India and New Zealand: the signing of our Free Trade Agreement. It was only 13 months ago that I travelled to India to meet with Prime Minister Modi and launch Free Trade Agreement negotiations. India is one of the world's largest and fastest-growing economies, but our trade relationship has only begun to scratch the surface of its potential," Luxon stated in his post.

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"Prime Minister Modi and I could see that an FTA would be a massive opportunity for both our two countries. Since my visit last March, Ministers Piyush Goyal and Todd McClay, and their officials, have worked tirelessly to negotiate a deal. The outcome of that hard work is a deal that delivers for India and for New Zealand. My congratulations to Minister Goyal, Minister McClay and all the negotiators who made this possible," it added.

Earlier in the day, India and New Zealand signed the India-New Zealand Free Trade Agreement at Bharat Mandapam in New Delhi, marking a significant step toward strengthening bilateral economic ties.

The agreement was formally signed by Piyush Goyal and Todd McClay in the presence of senior officials, business leaders, and industry stakeholders from both countries.

As part of the agreement, New Zealand has committed to investing approximately USD 20 billion in India over the next 15 years, signalling long-term confidence in India's growth trajectory.

According to Luxon, the agreement is expected to significantly boost economic engagement between the two nations.

For New Zealand, it opens access to one of the world's most dynamic markets, supporting its goal of doubling export value over the next decade and ensuring a more level playing field for its exporters. On the other hand, he said India stands to benefit from tariff-free access to the New Zealand market from the outset, along with enhanced access to high-quality agricultural and food products. The agreement also paves the way for deeper collaboration in agri-tech and food production, sectors where New Zealand has established global expertise.

"For New Zealand, this FTA opens the door to one of the world's most dynamic markets and creates unprecedented opportunities to trade, invest, innovate and connect. This deal will help diversify New Zealand's export markets, support the goal of doubling the value of our exports over 10 years, and put New Zealand exporters on a more level playing field with competitors already enjoying preferential access in India," his post read.

"For India, this deal means growth, innovation and new opportunities. It gives Indian exporters tariff-free access to the New Zealand market from day one, and it gives Indian consumers improved access to our high-quality exports. It creates new ways for India to partner with New Zealand on agricultural productivity and benefit from New Zealand's world-leading agri-tech and food-production expertise," it added.

Emphasising the broader implications, Luxon said the FTA reflects a shared commitment to stable, predictable, and rules-based trade at a time when global economic conditions remain uncertain.

He further highlighted that the relationship between India and New Zealand is expanding across multiple sectors, including trade, investment, defence, innovation, and sports.

The Indian diaspora in New Zealand, he added, plays a crucial role in strengthening bilateral ties, echoing Prime Minister Modi's description of the community as a "living bridge" between the two nations.

"New Zealand's vibrant Indian diaspora is central to the strong relationship between our two countries. In Prime Minister Modi's words, the diaspora is a "living bridge" between New Zealand and India. The contribution of the Indian community to New Zealand is immense: in business, in science, in education, in health, in the arts, in sport, and in communities right across the country," the Kiwi PM stated in his post.

Calling the agreement a beginning rather than a conclusion, Luxon expressed optimism about the future of India-New Zealand relations, stating that both countries are entering a new phase of deeper and more dynamic engagement. (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)