New Delhi, Dec 23 (IANS) The recently concluded Free Trade Agreement (FTA) between India and New Zealand has opened up fresh opportunities for Indian exporters and is expected to give a major boost to key sectors such as textiles, marine products, engineering and MSMEs, former Chief Commissioner of Income Tax Dr Shikha Darbari said on Tuesday.
Speaking to IANS, Dr Darbari said that reduced tariffs in the New Zealand market will increase demand for Indian products and help domestic industries strengthen their presence globally.
“The agreement is also likely to generate employment across these sectors, providing a positive push to the Indian economy,” she noted.
She noted that the long-term trade agreement, valued at around $20 billion, aims to double bilateral trade between India and New Zealand over the next five years.
“This reflects Prime Minister Narendra Modi’s global economic vision and the growing confidence of international investors in India,” Dr Darbari added.
Dr Darbari said that while India had earlier adopted a cautious approach towards FTAs, it is now entering into balanced and secure trade agreements with developed nations.
This shift, she explained, highlights the government’s evolving trade diplomacy, which places strong emphasis on protecting investor interests while positioning India as a major global trading power through strategic partnerships.
She further stated that the agreement is a significant step towards making India a leader in global trade.
“Under the PM Modi government’s ‘Viksit Bharat 2047’ vision, opening new markets and implementing foreign trade agreements will help expand India’s trade footprint and strengthen its position as a global trade leader,” she stated.
This, she said, will not only reinforce India’s economic strength but also establish the country as an influential force in global commerce.
Dr Darbari also pointed out that the FTA will promote exports of GI-tagged Indian products and value-added agricultural goods.
This will help Indian farmers secure better prices for their produce and improve their financial condition.
She added that the government is encouraging farmers to obtain indigenous patents and GI tags so they can compete more effectively in global markets.
–IANS
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