New Delhi, Oct 19 (IANS) Commerce and Industry Minister Piyush Goyal on Monday said that New Zealand will now build with a ‘Made in India’ JCB machine, as the free trade agreement (FTA) between the two nations kicks in from Tuesday.
The minister flagged off the first-ever JCB machine export to New Zealand, made in Pune, Maharashtra.
“The India New Zealand FTA is unlocking new opportunities for our manufacturing,” Goyal posted on X.
Tomorrow, on the auspicious occasion of Vijayadashami, India & New Zealand will begin a new chapter in their economic partnership as the #IndiaNewZealandFTA comes into force. Truly a ‘Vijay’ for both nations! 🇮🇳🇳🇿
With duty-free access for 100 per cent of Indian exports to New Zealand, the FTA will unlock significant opportunities for MSMEs, farmers, women, youth and labour-intensive sectors.
“It also opens new pathways for our professionals, while safeguarding India’s core interests. Our farmers will gain wider market access for fruits, vegetables, spices and other agricultural produce, alongside cooperation to improve productivity, support higher incomes, and strengthen livelihoods. Sensitive sectors, including dairy, remain protected, keeping farmers’ welfare at the heart of our approach,” said Goyal.
New Zealand’s commitment to facilitate $20 billion in investment into India holds immense potential to strengthen manufacturing, infrastructure, services and innovation, supporting enterprise and employment.
According to the Trade Promotion Council of India (TPCI), the India-New Zealand FTA marks a transformative milestone for Indian trade policy.
By securing immediate 100 per cent zero-duty access across all product lines, Indian exporters — particularly in food processing, textiles, and light engineering — gain an unparalleled competitive edge in Oceania, said the industry body.
Delivering 100 per cent duty-free market access for all 8,284 tariff lines covering Indian exports, the pact sets the stage to double bilateral trade to $5 billion within five years, and secure $20 billion in long-term foreign investment commitments into India.
Tariffs on processed foods, spices, seasonings, confectionery, bakery goods, packaged cereals, sauces, fruit juices, and processed vegetables drop from up to 5 per cent directly to zero on day 1. Duty-free access opens significant room for Indian value-added agri-products to integrate into Indo-Pacific supply chains, said the industry body.
Meanwhile, the New Zealand side has also initiated co-operation and collaboration to improve productivity in the Indian dairy sector.
–IANS
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