The India-New Zealand free trade agreement (FTA) is expected to drive trade growth and economic certainty in the face of global challenges, according to New Zealand trade minister Todd McClay.
The FTA, signed on Monday, aims to increase two-way trade from the current level of about $2 billion and create 5,000 temporary visas for Indian professionals in sectors such as ICT, healthcare, and construction.
McClay expressed confidence that the agreement will not face any hurdles despite opposition from some political parties in New Zealand, citing the country's parliamentary process and the super majority in Parliament to pass the FTA.
The deal is expected to be implemented by the end of the year, with a national analysis and public consultation process to be completed in the coming months.
McClay highlighted the benefits of the FTA, including increased trade and investment, economic security, and deeper global engagement, as well as the creation of opportunities for Indian professionals to work in New Zealand.
The FTA is seen as a strategic move by New Zealand to reduce its dependence on China and increase its trade ties with other regions, including India.
McClay emphasized that the agreement is not about choosing one country over another, but about creating clear rules and opportunities for businesses in both countries to grow and prosper.
