Milestone NZ-India Free Trade Agreement Concluded

New Zealand and India have finalized a significant free trade agreement, promising to reduce or eliminate tariffs on 95% of New Zealand’s exports to India. This is poised to elevate annual trade from USD 1.1 billion to USD 1.3 billion, reinforcing economic ties between the two nations.

New Zealand and India have reached a major milestone by concluding a free trade agreement that is expected to significantly benefit both nations. Prime Minister Christopher Luxon announced this development on Monday, highlighting its potential impact on the economy.

The agreement is designed to either reduce or remove tariffs on 95% of New Zealand's exports to India. This strategic move is expected to boost New Zealand's export value to India from USD 1.1 billion to USD 1.3 billion annually over the next two decades, according to projections.

The New Zealand Prime Minister emphasized that this agreement not only strengthens the robust relationship between the two countries but also opens the door to 1.4 billion Indian consumers, thereby providing substantial opportunities for Kiwi businesses to tap into India's rapidly growing economy.

(With inputs from agencies.)