New Delhi, Dec 23 (NationPress) The Free Trade Agreement (FTA) between India and New Zealand is set to boost investor confidence as both nations enhance access to each other's markets, according to Ved Jain, an economist and former president of the Institute of Chartered Accountants of India (ICAI), who spoke on Tuesday.

This Agreement facilitates improved access for Indian exports, broadens service and mobility opportunities, and promotes collaboration in agriculture, investment, and emerging sectors, yielding significant advantages for the economy.

“When two nations like India and New Zealand forge a free trade agreement, granting each other enhanced access, and with both countries' leadership dedicated to economic growth, it instills greater confidence in investors. They feel optimistic about both the Indian and New Zealand economies,” Jain stated in an interview with IANS.

The FTA abolishes tariffs on 100% of Indian exports and includes a commitment of $20 billion in investments over the next 15 years to reinforce long-term economic and strategic relations.

India has extended market access on 70.03% of tariff lines while excluding 29.97%. Exclusions include various products such as Dairy (milk, cream, whey, yogurt, cheese, etc.), animal products (excluding sheep meat), vegetable products (onions, chana, peas, corn, almonds, etc.), sugar, artificial honey, animal, vegetable or microbial fats and oils, arms and ammunition, gems and jewellery, copper products (cathodes, cartridges, rods, bars, coils, etc.), aluminium and its derivatives (ingots, billets, wire bars), among others.

Dr. Shikha Darbari, former Chief Commissioner of Income Tax, remarked to IANS that reduced tariffs in the New Zealand market will heighten demand for Indian products and bolster the global presence of domestic industries. “This agreement is also expected to create job opportunities across these sectors, providing a much-needed boost to the Indian economy,” she highlighted.

She added that this long-term trade agreement, valued at about $20 billion, aims to double the bilateral trade between India and New Zealand in the next five years. “This exemplifies Prime Minister Modi’s global economic vision and reflects the increasing confidence of international investors in India,” Dr. Darbari concluded.