New Delhi [India], April 27 (ANI): On the recently concluded India-New Zealand Free Trade Agreement, New Zealand Trade and Investment Minister Todd McClay emphasized that the agreement is of the utmost quality, which will significantly bolster the bilateral relations between the two countries.

'It'll strengthen it significantly. There are opportunities for New Zealand and Indian exporters. It is a very high-quality agreement,' McClay told ANI.

The deal, signed by India's Commerce and Industry Minister Piyush Goyal and Todd McClay, aimed to deepen bilateral economic ties through deep tariff cuts, expanded market access, and enhanced services cooperation. Speaking to ANI at the sidelines of the ceremony, McClay noted that the agreement provided significant growth prospects for both nations.

The agreement followed negotiations that moved at a rapid pace, concluding in December 2025 after starting in March of the same year. This nine-month timeline made it one of the fastest trade deals India ever moved from negotiation to signing.

'Prime Minister Modi and Prime Minister Luxon have allowed Minister Goyal and me to work very hard on it, and I think we will see great things to come in the relationship in the future. The opportunities are boundless. We're a very open economy. Indians would like to invest in New Zealand,' McClay stated.

Under the specific terms of the pact, New Zealand committed to immediate tariff elimination on a large number of product lines. This move targeted duties of approximately 10 per cent that previously applied to Indian exports such as textiles, leather goods, ceramics, and automotive components.

India offered market access on roughly 70 per cent of tariff lines while excluding 30 per cent to protect domestic interests. Notably, dairy products like milk, cheese, and butter remained outside the agreement, though limited quotas applied to apples, kiwifruit, and manuka honey to facilitate technology transfer.

'I think what you will see is that both trade and investment grow in both directions. The New Zealand government has taken on a commitment to promote investment and to make it easier, and in turn, the Indian government has said that it will get some of the barriers out of the way. So today is a day of celebration for our exporters, for our investors, but most importantly, for the men and women of India and New Zealand,' McClay added.

The services sector also saw significant liberalisation, with New Zealand opening over 100 segments to Indian providers. The pact included provisions for the mobility of professionals, offering up to 5,000 visas for skilled Indian workers in IT, healthcare, and education.

Additionally, it removed caps on Indian students and extended post-study work opportunities in STEM fields. Before the agreement became operational, it required ratification by both governments, with New Zealand seeking parliamentary clearance over the coming months. (ANI)