New Delhi
CommerceMinister Piyush Goyal said on Wednesday that the multiple free trade agreements (FTAs) concluded in recent years have opened immense opportunities for India’s exporters, and the Narendra Modi government's focus is on ensuring these benefits reach the farmers, workers, women, youth, MSMEs, and small businesses, enabling them to take more Made in India products to global markets.
"To help them make the most of these opportunities, the Centre's Department of Commerce is organising dedicated FTA outreach initiatives in collaboration with state governments,” the minister said in a post on X.
Appreciating Goa Chief Minister Pramod Sawant’s participation in one such outreach event in the state and his efforts to encourage local businesses to explore new export markets, Goyal said: "More such initiatives will be organised across the country to help every state unlock its unique export potential, ensure greater utilisation of our FTAs and give fresh momentum to India's export growth."
The India-New Zealand FTA came into force on Tuesday with duty-free access for 100 per cent of Indian exports. The FTA will unlock significant opportunities for MSMEs, farmers, women, youth and labour-intensive sectors. It also opens new pathways for our professionals, while safeguarding India's core interests.
Goyal had pointed out that India’s farmers will gain wider market access for fruits, vegetables, spices and other agricultural produce, alongside cooperation to improve productivity, support higher incomes and strengthen livelihoods.
The minister also said that sensitive sectors, including dairy, remain protected, keeping farmers' welfare at the heart of the government’s approach.
He further stated that New Zealand's commitment to facilitate $20 billion in investment into India holds immense potential to strengthen manufacturing, infrastructure, services and innovation, supporting enterprise and employment.
"As we embark on this promising journey tomorrow, I extend my best wishes to our exporters, businesses, MSMEs and entrepreneurs. I encourage them to make full use of this agreement, build lasting partnerships and translate its potential into tangible gains for our people," the minister further stated.
New Delhi
TheIndia-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.
Gains for India
New Zealand is giving 100 per cent duty-free market access from Tuesday itself. It covers all tariff lines or product categories and 100 per cent of India's current exports to New Zealand.
This is the first FTA for India where it receives full duty-free access across all tariff lines from entering into force. Elimination of import duty would remove the existing tariff disadvantage of pre-FTA rates of up to 10 per cent faced by Indian exporters in the New Zealand market. The major sectors that would be benefited include fruits and vegetables; coffee, tea, cocoa and spices; cereals; processed foods; textiles and clothing; leather and footwear; pharmaceuticals; engineering goods; marine products; plastics and rubber.
India protects sensitive sectors
India's exclusion list primarily includes products considered sensitive from a domestic perspective.
The major categories are dairy products (milk, cream, whey, yoghurt, cheese); animal products (other than sheep meat); vegetable products such as onions, chana, peas, corn, almonds); sugar and artificial honey; animal, vegetable or microbial fats and oils.
New Delhi
India’s annual trade with New Zealand could double in two to two-and-a-half years, well ahead of the five-year target, following the implementation of the India-New Zealand Free Trade Agreement (FTA), BRISEC Chamber of Commerce and Industry Chairman Harvansh Chawla said on Tuesday.
Chawla said the agreement would make a significant difference to bilateral trade, although its impact may take six months to a year to become visible. India’s current annual trade with New Zealand stands at around $2.8 billion, and the target is to double it over the next five years.
''As I mentioned, I believe our target of doubling trade within five years could be achieved in just two to two-and-a-half years," Chawla said.
"I also believe that, in the coming years, India and New Zealand will become very important trading partners for each other. New Zealand will be important for India, and India will be important for New Zealand," he told IANS.
He said the expansion in bilateral trade could also create employment opportunities as businesses grow and new factories are established. ''I believe that as our trade doubles, employment will also increase. New factories will be set up and businesses will expand. For instance, a company with a turnover of Rs 100 crore today could see it rise to Rs 125 crore. This will have a positive impact on everyone," he stated. Highlighting the need for government support to ensure that the benefits of the trade agreement reach ordinary citizens, Chawla said exporters needed better access to affordable financing and dedicated support schemes.
"Indian traders currently need cash the most. The government should introduce schemes specifically to support exports. Schemes already exist, but they need to be expanded," he said.
"Interest rates on export financing must be reduced. Traders may receive orders, but they need funds to execute them, which largely come from banks. Banks should introduce more flexible schemes for exporters with lower interest rates," he added.
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