New Zealand has begun the ratification process for the India-New Zealand Free Trade Agreement (FTA), with the first parliamentary reading already completed, although no timeline has been set for the agreement to come into force, the Ministry of External Affairs (MEA) said on Saturday.
Addressing a special media briefing during Prime Minister Narendra Modi's official visit to New Zealand, MEA Secretary (East) Rudrendra Tandon said the agreement is progressing through New Zealand's parliamentary process, which requires three readings before ratification.
"The ratification process has already started. The first reading has already taken place. According to their system, there are three readings in Parliament, only after which ratification will happen," Tandon said.
On the timeline for implementation, Tandon said "there is no commitment of a set date," adding that one of the three parliamentary readings has already been completed and there is hope that the remaining stages will move quickly. "There is hope that these readings will proceed fast and the process will be completed sooner rather than later," he said.
Tandon also said New Zealand Prime Minister Christopher Luxon had conveyed to Prime Minister Narendra Modi that the agreement enjoys bipartisan political support.
"Prime Minister Luxon also told our Prime Minister that there is bipartisan support for this FTA. That's why he wants the ratification process to be done as soon as possible... We don't foresee any problem," he said.
On New Zealand's announcement to facilitate up to USD 20 billion in investment, Tandon said the focus is on building a long-term economic partnership rather than creating binding investment commitments.
Quoting Prime Minister Modi's message to New Zealand businesses, Tandon said, “This is not an invitation just to invest; it is an invitation for a long-term partnership with India.”
Clarifying the nature of the investment facilitation, he said, “It is really going to be facilitated. There is no specific penalty that will follow if that answers your question.”
The India-New Zealand Free Trade Agreement was signed on April 27 and is aimed at strengthening bilateral trade and investment ties between the two countries. |
