Auckland [New Zealand], July 11 (ANI): The ratification process for the India-New Zealand Free Trade Agreement (FTA) has already begun in New Zealand, with the first parliamentary reading completed, though there is no fixed timeline for its implementation, the Ministry of External Affairs (MEA) said on Saturday.

Addressing a special media briefing during Prime Minister Narendra Modi's official visit to New Zealand, Secretary (East) in the MEA, Rudrendra Tandon, said New Zealand had assured India that the agreement enjoys bipartisan political support and that the ratification process would move forward swiftly.

'So, regarding the question about FTA, as far as the FTA is concerned, their ratification process has already started. The first reading has already taken place. According to their system, there are three readings in Parliament, only after which ratification will happen,' Tandon said.

Responding to a question on whether a timeline had been agreed upon for the FTA's implementation, he said, 'There is no commitment of a set date, but the process of ratification has begun. We were told that there are three readings in Parliament, and one has already been completed. There is hope that these readings will proceed fast and the process will be completed sooner rather than later.'

Tandon said New Zealand Prime Minister Christopher Luxon had conveyed that the agreement enjoys broad political backing.

'Prime Minister Luxon also told our Prime Minister that there is bipartisan support for this FTA. That's why he wants the ratification process to be done as soon as possible. We were also told that there is a lot of support for this FTA. So we don't foresee any problem,' he said.

On New Zealand's announcement of facilitating up to USD 20 billion in investment, Tandon said the emphasis was on creating a long-term economic partnership rather than imposing binding investment obligations.

'Coming to your question on the USD 20 billion, the Prime Minister, in fact, spoke about this extensively. It is that there will be facilitation of this, but the real point is that there is a great opportunity opening up in India. We have a large market, and we are undertaking significant structural reforms,' he said.

Quoting Prime Minister Modi's message to the business community, Tandon said, 'This is not an invitation just to invest; it is an invitation for a long-term partnership with India.'

Clarifying the nature of the investment facilitation, he said, 'It is really going to be facilitated. There is no specific penalty that will follow if that answers your question.'

The landmark India-New Zealand Free Trade Agreement (IN-NZ FTA) was officially signed on April 27. (ANI)