New Delhi, Apr 27 (PTI) New Zealand Prime Minister Christopher Luxon has termed the free trade agreement with India a "once-in-a-generation" pact, saying at a time of global uncertainty, this deal is a clear commitment by both sides to a stable, predictable, and rules-based trade.

The pact was signed here on Monday by Commerce and Industry Minister Piyush Goyal and visiting New Zealand's Trade and Investment Minister Todd McClay.

"This is a once-in-a-generation agreement that gives NZ (New Zealand) exporters unprecedented access to 1.4 billion people and an economy set to become the third-largest in the world," Luxon said in a social media post.

For New Zealand, he said, this pact would open the door to one of the world's most dynamic markets and creates unprecedented opportunities to trade, invest, innovate and connect.

This deal will help diversify New Zealand's export markets, support the goal of doubling the value of New Zealand's exports over 10 years, and put exporters on a more level playing field with competitors already enjoying preferential access in India, he added.

"It gives Indian exporters tariff-free access to the New Zealand market from day one, and it gives Indian consumers improved access to our high-quality exports. It creates new ways for India to partner with New Zealand on agricultural productivity and benefit from New Zealand's world-leading agri-tech and food-production expertise," the prime minister said.

This agreement matters not just because of what it does economically, but because of what it says strategically, he said adding at a time of global uncertainty, this agreement is a clear commitment by both sides to stable, predictable, and rules-based trade. PTI RR RR ANU ANU

Free trade agreement expands market access, tariff-free trade and agricultural cooperation between India and New Zealand. A free trade agreement between India and New Zealand is described as a strategic and economic commitment to stable, predictable and rules-based trade. The pact is said to widen access for New Zealand exporters to the Indian market, give Indian exporters tariff-free access to New Zealand from the outset, improve access for Indian consumers, support export diversification, and deepen bilateral cooperation in agriculture, agri-tech and food production.