Watch! New Zealand Trade Minister Todd McClay`s Big Update on India-NZ Free Trade agreement
The free trade agreement (FTA) between India and New Zealand is likely to come into effect by the end of the year, according to New Zealand's Minister for Trade and Investment, Todd McClay. Speaking with ANI, McClay stated that both governments want the agreement to enter into force as quickly as possible. The pact has already passed its first reading vote in the New Zealand Parliament by 93 votes to 26 and is currently undergoing the formal legislative process. "I think both governments would like the agreement to enter into force before the end of the year. It is a trade agreement worth celebrating. And as a result of the very high quality of the agreement, the negotiation, businesses in both countries will benefit very quickly. So we're aiming towards the end of the year. But the bottom line is as quickly as we can get it enforced, it will be good for India and New Zealand," McClay stated. Minister McClay mentioned that during the visit of Prime Minister Modi, he and New Zealand Prime Minister Chris Luxon signed 16 declarations, the most significant being the elevation of the bilateral relationship to a strategic partnership. The upgraded partnership spans cooperation across the "economy, trade, defence, security, people-to-people links, science, climate change, and natural disaster resilience."
