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New Delhi | Prime Minister Narendra Modi on Monday hailed the India-New Zealand free trade agreement as a landmark moment in the two countries' partnership and said the pact will greatly benefit farmers, youth, women, MSMEs, startups, and students, among others.

Modi also said that the investment commitment of USD 20 billion by New Zealand will further strengthen the bilateral cooperation in agriculture, manufacturing, innovation and technology, paving the way for a more prosperous and dynamic future for both countries.

"Today marks a landmark moment in the India-New Zealand partnership! I am delighted that the India-New Zealand FTA signed today will add unprecedented momentum to our developmental partnership. It reflects the deep trust, shared values and ambition that bind our two nations," he said in a post on X.

"This agreement will greatly benefit our farmers, youth, women, MSMEs, artisans, startups, students and innovators. It will open new avenues for growth, create opportunities and deepen our synergy across sectors," the prime minister said.

Earlier, Modi said the FTA also expands opportunities for students and skilled professionals, alongside support for agricultural productivity and investment commitments.

He also quoted Commerce and Industry Minister Piyush Goyal, who said the India-New Zealand FTA removes tariffs on Indian exports, boosting labour-intensive sectors and strengthening MSMEs, while ensuring that sectors like agriculture and dairy remain fully protected.

India and New Zealand on Monday inked a free trade agreement, aimed at boosting two-way commerce and investments.

The pact was signed by Commerce Minister Goyal and visiting New Zealand's Trade and Investment Minister Todd McClay.

The FTA provides duty-free access for 100 per cent of India's exports to New Zealand, covering all tariff lines or produce categories, and is expected to significantly boost MSMEs and employment by enhancing competitiveness in labour-intensive sectors such as textiles, apparel, leather, footwear, gems and jewellery, engineering goods, and processed foods.