IBNS-CMEDIA: Union Minister for Commerce and Industry Piyush Goyal and Todd McClay, New Zealand’s Minister for Trade and Investment, participated in an Industry Engagement Programme in Agra on Sunday ahead of the signing of the India–New Zealand Free Trade Agreement (FTA).
During the event, both ministers emphasised that the India–New Zealand FTA goes far beyond a conventional tariff agreement.
According to a statement issued by the Indian government, the pact is “a comprehensive framework encompassing market access, agricultural productivity, investment, talent mobility, collaboration in sports, tourism, and people-to-people ties,” designed to benefit manufacturers, farmers, MSMEs, women entrepreneurs, students, and skilled professionals in both countries.
Major boost for Agra’s leather footwear industry
Agra, which contributes nearly 75 per cent of India’s leather footwear production, holds a Geographical Indication (GI) tag for its leather footwear and is a flagship product under the One District One Product scheme.
The government said the FTA will eliminate duties on 100 per cent of Indian exports from the date of entry into force, while tariffs on leather and footwear exports will be reduced from 5 per cent to zero, giving Indian exporters a major competitive edge.
Industry representatives highlighted the sector’s potential to grow to USD 50 billion by 2030, driven by a strategic shift from mass production to high-value manufacturing.
The statement also noted that New Zealand’s abundant raw leather resources, combined with India’s manufacturing capabilities, create strong complementarities that both sides are keen to leverage.
Both ministers, along with industry representatives, discussed positioning Agra as a global sourcing destination, an employment generator, and a major export hub on the global stage.
Pharma, AYUSH and faster regulatory access
The interaction also covered the pharmaceutical and medical devices sectors.
Industry representatives welcomed the FTA’s provisions for faster regulatory access, including the acceptance of GMP and GCP inspection reports from comparable international regulators, which are expected to reduce compliance burdens and accelerate product approvals for Indian manufacturers.
They also welcomed the inclusion of a dedicated chapter on Health and Traditional Medicine in the agreement — a first for both countries — formally recognizing AYUSH.
Education, talent mobility and people-centric partnership
Speaking on education and talent mobility, Goyal highlighted the significant opportunities the FTA creates for Indian students and professionals.
He urged stakeholders to actively utilize these provisions and described the agreement as a gateway to a deeper, people-centric partnership between the two nations.
Addressing the gathering, Goyal said the FTA represents “an opening of both doors and minds,” and encouraged industries to think beyond traditional sectors and fully leverage opportunities in pharma, AYUSH, education, sports, tourism, and investment.
He also called on industry bodies to ensure the agreement’s benefits reach every MSME and small enterprise.
New Zealand calls India a strategic priority
Todd McClay reaffirmed that India remains a strategic priority for New Zealand and described the pact as the highest-quality FTA New Zealand has concluded.
He encouraged businesses on both sides to actively pursue joint ventures and highlighted strong investment opportunities for New Zealand firms in India’s expanding economy.
The Industry Engagement Programme in Agra is part of a series of high-level interactions accompanying the landmark signing of the India–New Zealand FTA in New Delhi, which was concluded in a record nine months since its launch on March 16, 2025, marking a new chapter in bilateral economic relations.
