New Delhi [India], April 27 (ANI): Industry leaders on Monday said the India-New Zealand Free Trade Agreement (FTA) will open up significant market access and boost exports across key sectors, calling it a major opportunity for Indian businesses.

Sunil Kaushal, Chief Executive of India India-New Zealand Business Council, said the agreement would strengthen economic engagement between the two countries. 'It is a great opportunity for both New Zealand and India... It will provide market access to Indian companies in New Zealand... A lot of opportunities are going to come out of this FTA,' he said.

Export-oriented sectors, particularly apparel, are expected to see strong gains following the agreement. Dr A. Sakthivel, Chairman of the Apparel Export Promotion Council, said the FTA would significantly boost shipments. 'The FTA with New Zealand is going to be very good for the apparel sector... After FTA, our exports will increase by 3 or 4 times in 2 years... It is very important for the apparel industry... It is a good opportunity,' he said.

Engineering exports are also likely to benefit from improved trade access under the pact. Pankaj Chadha, Chairman of EEPC India, said the agreement would help expand India's export footprint. 'This will help in increasing our export... It will at least be doubled... Overall, for engineering, it is a good agreement,' he said.

Industry stakeholders said the agreement is expected to create new opportunities for exporters by improving access to the New Zealand market, while also supporting growth across key manufacturing sectors.

India and New Zealand signed the Free Trade Agreement (FTA) on Monday, marking a significant step in strengthening bilateral economic ties, with the pact expected to bring deep tariff cuts, expanded market access and enhanced services cooperation.

The deal signed between India's Commerce and Industry minister Piyush Goyal and New Zealand's Minister for Trade and Investment Todd McKlay is being described as one of India's fastest concluded bilateral trade deals. (ANI)