New Delhi, Oct 20 (SocialNews.XYZ) The India-New Zealand Free Trade Agreement (FTA) -- which comes into effect -- is a major gift from Prime Minister Narendra Modi to the country's business community on Dussehra, Confederation of All India Traders (CAIT) Secretary General and Chandni Chowk MP Praveen Khandelwal said on Tuesday.
In an interview with IANS, Khandelwal said the biggest feature of the agreement is that Indian goods exported to New Zealand will attract zero per cent duty, making Indian products more competitive in the global market.
"I am confident that traders, industries and small artisans across the country will gain significant business opportunities through exports. On behalf of the country's nine crore traders, I extend my Vijayadashami greetings and thank Prime Minister Narendra Modi for this initiative," he said.
Khandelwal said many Indian sectors, especially automobiles, auto spare parts, grains and pulses, electronics, electrical and pharmaceuticals, will now get access to a large market in New Zealand.
He said the FTA reflects India's growing manufacturing strength and supports the vision of 'Local to Global', 'Aatmanirbhar Bharat' and 'Viksit Bharat'.
Khandelwal said the pact would create significant export opportunities for sectors including textiles and apparel, leather and footwear, gems and jewellery, engineering goods, automobiles and auto components, pharmaceuticals, chemicals, agricultural produce and processed food products.
According to CAIT, zero-duty access to the New Zealand market is expected to enhance the competitiveness of Indian products and benefit MSMEs, artisans, farmers, manufacturers, women entrepreneurs and exporters.
The agreement also provides for New Zealand to facilitate $20 billion in investments into India while expanding opportunities for Indian professionals and youth.
India and New Zealand have set a target of achieving bilateral trade in goods and services worth NZ$7 billion by 2030, with industry representatives describing the FTA as a potential driver of exports, employment generation and economic growth.
Khandelwal said the pact demonstrates how Prime Minister Narendra Modi's trade-focused diplomacy is helping Indian businesses access new global markets while continuing to safeguard sensitive domestic sectors. He urged traders, manufacturers and MSMEs to leverage the agreement to expand the global footprint of 'Made in India' products.
Source: IANS
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