New Delhi, Dec 22 (NationPress) - On Monday, Union Home Minister and Minister of Cooperation Amit Shah expressed his enthusiasm for the India–New Zealand Free Trade Agreement (FTA), labeling it a significant achievement stemming from the trade diplomacy of the Modi government, which is marking a remarkable milestone.

In a post on X, HM Shah stated, “The trade diplomacy of the Modi government is paving the way for a new milestone. The India–New Zealand FTA, projected to attract $20 billion in investment, presents exciting opportunities for Indian innovators, entrepreneurs, farmers, MSMEs, students, and the youth, thus unlocking new avenues for prosperity.”

“This agreement exemplifies how a people-centered foreign policy is actualizing the dreams of citizens under the guidance of PM Shri Narendra Modi Ji,” he added.

Earlier that day, Prime Minister Narendra Modi held a phone call with New Zealand's Prime Minister Christopher Luxon, during which both leaders announced the successful finalization of the historic and mutually beneficial India-New Zealand FTA.

During this conversation, they expressed optimism about doubling bilateral trade within the next five years, alongside an investment influx of $20 billion from New Zealand to India over the next 15 years.

Negotiations commenced in March, with the FTA being concluded in a record nine months, showcasing the mutual ambition and political will to strengthen ties between the two nations, as stated by the Prime Minister's Office (PMO).

The FTA is expected to significantly enhance bilateral economic engagement, improve market access, stimulate investment flows, and solidify strategic cooperation between the two countries, while also creating new opportunities for innovators, entrepreneurs, farmers, MSMEs, students, and the youth across multiple sectors.

The leaders acknowledged the advancements made in additional areas of bilateral collaboration, such as sports, education, and people-to-people connections, reaffirming their commitment to further fortifying the India-New Zealand partnership.

This groundbreaking FTA removes or reduces tariffs on 95% of New Zealand's exports—ranking among the highest of any Indian FTA—with nearly 57% being duty-free from the outset, rising to 82% once fully implemented, with the remaining 13% subject to significant tariff reductions.

According to an official statement from New Zealand, it enables New Zealand exporters to compete on equal or improved terms with competitors across various sectors, while also granting access to India's swiftly growing middle class.