NEW DELHI, April 27 (Xinhua) -- India and New Zealand on Monday signed a Free Trade Agreement (FTA) in New Delhi to boost exports, the micro, small and medium enterprises (MSMEs), and an investment commitment worth 20 billion U.S. dollars by New Zealand in India in the years ahead.
Signed by India's Commerce Minister Piyush Goyal and visiting New Zealand's Minister for Trade and Investment Todd McClay, the FTA aims to provide market access across 118 sectors, said an official statement issued by the Indian government.
Hailing the landmark FTA, Indian Prime Minister Narendra Modi said that it would add unprecedented momentum to the partnership between the two countries.
"This agreement will greatly benefit our farmers, youth, women, MSMEs, artisans, startups, students and innovators. It will open new avenues for growth, create opportunities and deepen our synergy across sectors," he posted on X.
New Zealand Prime Minister Christopher Luxon also said that the signing of the FTA marked a historic milestone in the bilateral relationship.
"For New Zealand, this FTA opens the door to one of the world's most dynamic markets and creates unprecedented opportunities to trade, invest, innovate and connect. This deal will help diversify New Zealand's export markets, support the goal of doubling the value of our exports over 10 years, and put New Zealand exporters on a more level playing field with competitors already enjoying preferential access in India," he said in a post on X. ■