New Delhi [India], April 28 (ANI): India and New Zealand reached a milestone in their economic relations through the India-New Zealand Free Trade Agreement (IN-NZ FTA), which secured zero-duty access for all Indian exports and a massive long-term investment commitment.

Union Minister Piyush Goyal, while addressing the media, confirmed that the agreement established a comprehensive framework for cooperation across education, technology, and traditional medicine. The deal specifically targeted a significant increase in foreign direct investment from New Zealand over the next quarter-century to boost domestic industry and employment.

'100% of goods that can be imported from India to New Zealand will now be subject to zero duty...Partnerships in education, sports, culture, agriculture, productivity and technology, intellectual property, and traditional medicine, including AYUSH and Maori traditions, have also been established. A unilateral agreement has been signed in the fields of traditional medicine...It will be a highly beneficial FTA,' Goyal said.

The Minister highlighted a substantial shift in the scale of bilateral capital flow. He noted that while New Zealand's past contributions to India's foreign direct investment remained modest, the new agreement set the stage for a transformational influx of capital. This investment aimed to support India's development goals during the 'Amrit Kaal' period.

'Most importantly, New Zealand, which has invested only Rs 70 million in foreign direct investment over the last 25 years, or Rs 600-650 crore at today's exchange rate, will invest USD 20 billion dollars (approximately Rs 2 lakh crore) in India in the next 25 years. This massive investment will create millions of new employment opportunities, provide a major boost to business and industry, and enable us to move forward more rapidly in the 'Amrit Kaal',' the Minister added.

Regarding the legislative progress of the pact, Goyal indicated that the agreement enjoyed broad political support in New Zealand. He expected the formal approval process to conclude shortly, allowing for implementation by the end of the current year.

However, commenting on the domestic political landscape in India, contrasting it with the bipartisan consensus seen abroad, Goyal said, 'Both the opposition and the ruling party (of New Zealand) are supporting it....This FTA will be approved there soon, and we will implement it before the end of this year. If only the opposition in India, too, had performed its duties responsibly in matters of national interest, where the people of the country are benefiting, where the country's development journey is gaining momentum, where the poor, farmers, fishermen, and the MSME sector and industry are benefiting, then perhaps the country's journey would have been smoother and the country could have progressed at a faster pace.' (ANI)