India’s Economic Rise Expected To Boost New Zealand’s Gains From Free-Trade Deal: Report
New Delhi: India’s economic rise makes it a strategic partner for New Zealand, and the recently signed free trade agreement (FTA) between the two nations is expected to deliver significant gains, a new report has said. A report from Australia-based Westpac Institutional Bank highlighted India’s scale and growth potential suggesting that the FTA could add close to 0.1 per cent to New Zealand’s GDP…
A new report from Australia-based Westpac Institutional Bank suggests that India's economic rise and the recently signed free trade agreement between India and New Zealand could boost the Kiwi nation's GDP by close to 0.1 percent over the next decade. With India being one of the world's fastest-growing major economies and offering access to a market of 1.4 billion people, the FTA could add significant gains to New Zealand's economic growth.
The FTA eliminates or reduces tariffs on 95 percent of New Zealand's current exports, resulting in estimated tariff savings of around NZ$43 million annually, rising to about NZ$62 million when fully implemented. This includes benefits beyond traditional merchandise trade, such as investment, services, tourism, and education exports.
India's rapidly growing middle class and increasing influence in global trade, technology, investment, and geopolitics make it a strategic partner for New Zealand. Despite being only the 10th-largest export market for New Zealand, diversifying export markets reduces economic risk. The FTA also facilitates faster customs clearance procedures, with Indian customs committing to releasing goods within 48 hours and perishable goods within 24 hours.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
