New Delhi, April 20 (IANS). Legal verification work has been completed in the India-New Zealand Free Trade Agreement FTA and both the countries will sign the agreement on April 27. During this period, a large number of representatives from the business world of both the countries will be present. This statement was given by New Zealand’s Trade and Investment Minister Todd McClay on Monday.
“This is a once-in-a-generation opportunity. This will give our exporters the opportunity to sell their goods in a huge market with a population of 1.4 billion and an economy that is soon going to become the third largest economy in the world,” McClay said in his statement.
He said that amid global instability, the trade agreement with India is more important than ever for New Zealand’s prosperity.
“Signing the FTA will provide New Zealand with the opportunity to launch a formal parliamentary treaty review and allow the public to fully scrutinize the agreement,” the minister said.
McClay said, under this FTA, duties on 95 percent of New Zealand’s exports have been eliminated or reduced, which is the highest in any Indian free trade agreement. About 57 per cent of our exports will be duty-free from day one, including sheep meat, wool, coal, leather, most forestry and industrial products.
A bilateral trade agreement between India and New Zealand was signed in December last year.
McClay said the government will follow the parliamentary treaty scrutiny process established for FTAs with India, giving all parties the opportunity to consider their support for the agreement, while the public will also closely scrutinize the agreement.
Apart from New Zealand, India has also signed bilateral trade agreements with America, United Kingdom, European Union, European Free Trade Association (EFTA), UAE and Oman.
–IANS
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