FTA with New Zealand will provide benefit to domestic firms: Goyal
The free trade agreement (FTA) with New Zealand, scheduled to be signed on April 27, will provide huge opportunities for domestic firms, including leather exporters from the city of the Taj Mahal, Commerce and Industry Piyush Goyal said on Sunday.
Goyal is here with the visiting New Zealand’s Trade and Investment Minister Todd McClay.
The ministers held discussions with businesses from different sectors, including leather and sports goods.
The FTA aims to double bilateral trade and facilitate duty-free access to the island nation’s markets for Indian companies, as well as bring in USD 20 billion of investment over the next 15 years.
“Goods exported from India to New Zealand will go without any tax, creating significant opportunities, including for Agra’s leather industry and other sectors,” Goyal said, adding that the pact would help promote two-way commerce, which stood around USD 2.4 billion.
Agra is one of India’s largest leather and footwear clusters, playing a key role in both domestic supply and exports.
It is dominated with MSMEs. The sector will get a duty-free access in New Zealand market, once the trade deal comes into force.
He added that India and New Zealand are set to sign a free trade agreement (FTA) on Monday, which is expected to boost trade between the two countries in the coming months.
Meanwhile in a social media post, Goyal said he and the New Zealand minister held discussions with leaders from the leather and footwear, AYUSH, pharma, medical devices, light engineering and sports goods sectors.
“Also, launched the ‘Agra: World Capital of Footwear’ brand campaign, celebrating the skills of our artisans and women entrepreneurs, and positioning Agra as a global sourcing destination, employment engine, and export powerhouse,” he said.
McClay reaffirmed that India is a strategic priority for New Zealand and urged businesses to actively pursue joint ventures and investment in India.
Talking on political issues, the Union commerce and industry minister expressed confidence that NDA would form governments in Tamil Nadu and West Bengal.
He also criticised the Aam Aadmi Party.
“A corrupt group remains around Arvind Kejriwal, and it’s natural that they (seven AAP’s Rajya Saha MPs) left the party. It’s possible that more people will leave in the future,” he said.
Meanwhile, the two ministers visited the Taj Mahal here.
They arrived around 7 am, accompanied by their spouses, and spent nearly two hours at the monument, where a guide briefed them about its history.
Goyal said McClay and his wife had expressed a desire to see the monument, following which the visit was scheduled.
