India and New Zealand Secure Historic Trade Agreement: A Game Changer for Bilateral Trade

India will grant duty-free access to over half of New Zealand's exports, such as sheep meat and wool, following the free trade agreement (FTA). The pact includes agricultural concessions and will see increased benefits over the next decade, boosting trade relations between the two nations.

In a landmark decision, India has agreed to provide duty-free access to 54.11% of New Zealand's exports as part of a newly signed free trade agreement. This development promises enhanced bilateral trade, starting with key exports like sheep meat, wool, and forestry products.

The agreement will also see duty concessions on several agricultural goods from New Zealand, including apples, kiwifruit, and manuka honey. However, these are regulated with specific quotas and minimum import prices to protect India's domestic market, according to the commerce ministry.

Announced on Monday, the FTA has outlined a progressive liberalization approach. Import duties on seafood and various metal products will be phased out over seven to ten years, aiming to lower production costs in India by providing cheaper industrial inputs.

(With inputs from agencies.)