New Delhi, Dec 23 (NationPress) Prime Minister Narendra Modi remarked on Tuesday that the India-New Zealand Free Trade Agreement (FTA) marks a historic achievement, being the first of its kind led by women in India, with a negotiating team predominantly composed of women.

PM Modi shared insights from an article authored by Union Commerce and Industry Minister Piyush Goyal, which elaborates on how India's FTAs extend far beyond mere tariff reductions, aiming to bolster the economy and enhance the livelihoods of countless individuals.

He emphasized, “The India-New Zealand FTA is a significant milestone, as it is India’s inaugural women-led FTA. Almost the entire negotiating team comprised women”, according to the Prime Minister.

In response to Goyal's post on X, the Prime Minister noted, “In this enlightening article, Union Minister Shri @PiyushGoyal articulates that India’s FTAs today transcend tariff reductions, being part of a broader strategy to fortify the economy and uplift millions.”

This FTA signifies a pivotal moment in India's trade diplomacy, paving the way for comprehensive economic collaboration. It aims to enhance market access for Indian products, broaden opportunities in services, mobility, and deepen cooperation in agriculture, investments, and emerging sectors, yielding substantial advantages across the economy.

The agreement abolishes duties on 100 percent of Indian exports, coupled with a $20 billion investment pledge over 15 years to fortify long-term economic and strategic ties. Furthermore, New Zealand's market access proposal entails the immediate removal of duties (zero duty) on all 100 percent of tariff lines (8,284 tariff lines) from the moment of “Entry into Force” (EIF).

The benefits of this agreement are anticipated to be widespread, impacting farmers, MSMEs, students, and skilled professionals alike, reinforcing India's role as a reliable and forward-thinking global partner, while furthering the vision of a globally integrated Viksit Bharat 2047, as stated by the government.