India-New Zealand FTA to open new gateways to prosperity: Shah

New Delhi, Dec 22 (PTI) Union Home Minister Amit Shah on Monday said the India-New Zealand Free Trade Agreement that brings in USD 20 billion investment is a "textbook example" of people-centric foreign policy fulfilling citizens' aspirations under the leadership of Prime Minister Narendra Modi.

Terming it as a new milestone in Modi government's trade diplomacy, Shah wrote on X, "India-New Zealand FTA that brings in USD 20 billion investment and offers lucrative opportunities for Indian innovators, entrepreneurs, farmers, MSMEs, students and youths, will open new gateways to prosperity.

"It is a textbook example of how people-centric foreign policy is fulfilling the aspirations of citizens under PM Narendra Modi Ji's leadership," he wrote.

New Zealand has committed to invest USD 20 billion in India over the next 15 years under the free trade agreement between the two countries, Commerce Ministry said on Monday.

The commitment is in line with a similar trade pact that India implemented with the four-nation European bloc EFTA (European Free Trade Association) in October this year, under which the EFTA has committed to invest invest USD 100 billion in India over next 15 years.

India and New Zealand have announced the conclusion of the negotiations. It is likely to be signed in the next three months and will be implemented after that, as it requires approval from New Zealand.

Commerce and Industry Minister Piyush Goyal said the USD 20 billion Foreign Direct Investment commitment is backed by a rebalancing mechanism to suspend benefits if it is not fulfilled. PTI ABS ABS RUK RUK RUK