After signing the Free Trade Agreement (FTA) with India, New Zealand’s Trade Minister Todd McClay said that he expects the FTA to come into force within 2026 itself based on a quick passage in his nation’s Parliament.Highlighting that the FTA will be tabled before NZ’s Parliament before going to a select committee, he said that the government has a majority to get the agreement passed like other trade agreements signed in the past.
Responding to opposition to the FTA by several political outfits in New Zealand, he said that democracies allow people to voice varied views and protest against anything they don’t like, adding that the government has numbers by its side to implement the FTA via the route of Parliament.
Stating that the FTA will open up opportunities for both Indians and New Zealanders in areas like services and people-to-people cooperation, he said that NZ will work closely with India to increase output of Indian farmers by 50%. With 40 representatives from NZ’s companies having come to India to expand business opportunities, the Minister said that he expects tens of thousands of jobs to be created quickly.Having met large delegation of manufacturers of leather footwear and jackets in Agra where he was gifted a jacket made of lamb skin from NZ, the Minister said that NZ can supply skins and hides as raw material to the Indian leather industry.On possible cooperation on the fast payments front, he said that there’s “enough to learn from India,” as he pointed out that NZ’s central bank held talks last year on the payments system and is looking at the country’s banking regulations to allow more products to come into their market.Also Read: US, India aim to up readiness for swift response to humanitarian crises, regional contingenciesOn the meeting with the leather, carpets, and engineering goods industry held in Agra yesterday, India’s Commerce and Industry Minister Piyush Goyal highlighted a huge opportunity for India’s exporters of leather goods as India supplies only 1.5% of the ₹4,500 crores worth of leather goods bought by NZ every year.He pointed to growth opportunities for India’s exports of two-wheelers, farm equipment, and services along with dual degrees and setting up of global capability centres in India present huge opportunity. He added long-term benefits in reducing the cost of remittances will boost overall competitiveness.
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