NEW DELHI, Dec 22 (KUNA) -- India and New Zealand announced on Monday a successful conclusion of the India-New Zealand Free Trade Agreement.
A statement from the Indian Prime Minister's Office said that Prime Minister Narendra Modi held a telephone conversation Monday with the Prime Minister of New Zealand Christopher Luxon and jointly announced the successful conclusion of the historic, ambitious and mutually beneficial India-New Zealand Free Trade Agreement.
The two sides agreed that the conclusion of the FTA in a record time of nine months reflects the shared ambition and political will to further deepen ties between the two countries as the negotiations having been initiated during Luxon's visit to India in March 2025.
"The FTA would significantly deepen bilateral economic engagement, enhance market access, promote investment flows, strengthen strategic cooperation between the two countries, and also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors," the statement said.
The Prime Minsters expressed confidence in doubling bilateral trade over the next five years as well as an investment of USD 20 billion in India from New Zealand over the next 15 years.
They welcomed the progress achieved in other areas of bilateral cooperation such as sports, education, and people-to-people ties, and reaffirmed their commitment towards further strengthening of the India-New Zealand partnership. (end) atk.seo