India-NZ FTA creates new opportunities for farmers, youth, MSMEs: PM Modi

Prime Minister Narendra Modi on Monday said the India-New Zealand free trade agreement reflects the strengthening of economic partnership and a convergence of values, trust and shared ambition between the two vibrant democracies. In a message, Modi also said that the FTA marks a major milestone towards deeper global engagement and shared prosperity and catalyses new opportunities for the farmers, artisans, youth, entrepreneurs, women, and MSMEs, unlocking pathways for global market access and enterprise across sectors. ''Today marks a historic milestone in India's journey towards deeper global engagement and shared prosperity. The signing of the India-New Zealand Free Trade Agreement reflects our strengthening economic partnership and a convergence of values, trust and shared ambition between two vibrant democracies. Heartiest congratulations to the people of both nations, especially the youth, who are the heartbeat of our economies,'' he said. The prime minister said modern and balanced, this FTA synergises the complementarities of the two economies through collaborations that drive collective growth. ''The FTA catalyses new opportunities for our farmers, artisans, youth, entrepreneurs, women and MSMEs, unlocking pathways for global market access and enterprise across sectors, from agriculture and manufacturing to technology, education and services. This agreement reaffirms our commitment to deepen bilateral ties grounded in democratic values and strong people-to-people connections,'' he said. Modi said the agricultural productivity partnership and centres of excellence bring together New Zealand's advanced agricultural expertise and India's national priorities to drive transformational gains in productivity and infrastructure, while delivering meaningful benefits to the farmers and rural economies. He said in the last decade or so, India has been working to become a significant part of the global supply chain in manufacturing. ''Our Make in India flagship initiative offers synergy to New Zealand's investment commitment of USD 20 billion in India and delivers a vibrant partnership that goes beyond trade. This will support the start-up ecosystem, entrepreneurs, innovators, women-led enterprises, MSMEs, energising job creation and redefining innovation-driven growth,'' he said. The prime minister said India is a nation with one of the largest populations of youth and the skills, strengths and talents of its youth are lauded worldwide. ''The FTA recognises the importance of skills, talent and mobility in shaping future growth across sectors and in new and emerging technologies. It expands opportunities for talented, skilled professionals, our youth and students,'' he said. Modi said as a pioneering collaboration, the FTA promotes the global relevance of traditional knowledge systems of both countries, including organics, AYUSH and Yoga, thereby ''bridging the traditions with future opportunities to expand the dimensions of our partnership''. ''By aligning our strengths, we will advance supply chain resilience and build affordable, competitively priced goods and services, creating new engines of growth for both nations. Our collaboration will be a decisive and win-win alliance that benefits the citizens of both nations. Let us build the future together, defined by a shared purpose and shared aspirations of our people,'' he said. India and New Zealand on Monday inked a free trade agreement, aimed at boosting two-way commerce and investments. The pact was signed by Commerce and Industry Minister Piyush Goyal and visiting New Zealand's Trade and Investment Minister Todd McClay. The FTA provides duty-free access for 100 per cent of India's exports to New Zealand, covering all tariff lines or produce categories, and is expected to significantly boost MSMEs and employment by enhancing competitiveness in labour-intensive sectors such as textiles, apparel, leather, footwear, gems and jewellery, engineering goods, and processed foods.

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