India, New Zealand FTA to help diversify exports: Experts
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New Delhi: The free trade agreement (FTA) between India and New Zealand will help diversify exports, and attract investments in areas like agriculture, experts said. The conclusion of negotiations for the pact was announced on December 22.
It is likely to be signed and implemented next year.
India and New Zealand on Monday said they have concluded talks on a free trade deal that will give India tariff-free access to the island nation’s markets, bring in $ 20 billion of investment over the next 15 years and help double bilateral trade in goods and services the next five years to $ 5 billion.
The Apparel Export Promotion Council (AEPC) said for the sector, the FTA opens avenues for market diversification for the whole range of products covering ready-made garments, knitwear, fashion apparel, home textiles, technical textiles and man-made fibre products.
“The agreement will strengthen India’s position in global textile and apparel value chains, enhance export competitiveness, and create sustained opportunities for MSMEs, artisans, workers and women, while supporting employment generation,” AEPC Secretary General Mithileshwar Thakur said.
He added that New Zealand represents a stable, high-value and growing market, and this pact will enable Indian apparel exporters to deepen their presence while diversifying export destinations. Federation of Indian Export Organisations (FIEO) President S C Ralhan said upon entry into force, the free trade agreement (FTA) will provide zero-duty access on 100 per cent of India’s exports, with tariff elimination across all tariff lines or product categories.
