Commerce and industry minister Piyush Goyal stated on Sunday that the free trade agreement (FTA) with New Zealand, scheduled to be signed on Monday, will create significant opportunities for domestic firms, including leather exporters from Agra. Goyal is currently in New Zealand with visiting trade and investment minister Todd McClay. The ministers held discussions with businesses from various sectors, including leather and sports goods.
Key Benefits of the FTA
The FTA aims to double bilateral trade and provide duty-free access to New Zealand's markets for Indian companies. It is also expected to bring in $20 billion of investment over the next 15 years. Goyal highlighted that goods exported from India to New Zealand will be tax-free, creating substantial opportunities for Agra's leather industry and other sectors. The pact will also promote two-way commerce, which currently stands at around $2.4 billion.
Upcoming Meeting
An official confirmed that Goyal will hold a meeting with representatives of export promotion councils and industry associations on Monday to discuss ways to boost outbound shipments. This meeting will take place after the signing of the free trade pact between India and New Zealand.
