India-New Zealand Ink Historic Free Trade Agreement

India and New Zealand have concluded negotiations on a free trade agreement promising tariff-free access for India to New Zealand’s markets, resulting in USD 20 billion investment and aiming to double bilateral trade in five years. The pact enhances cooperation in sectors like technology, pharmaceuticals, and education.

India and New Zealand have successfully concluded negotiations on a groundbreaking free trade agreement, as announced by Prime Ministers Narendra Modi and Christopher Luxon. The deal, set to give India tariff-free market access to New Zealand, promises to inject USD 20 billion in investment over 15 years, doubling bilateral trade in five years.

This marks India's third free-trade pact of the year, following agreements with the UK and Oman. India will gain more employment visas and easier market access for pharmaceuticals and medical devices, while New Zealand gets tariff reductions on 95% of its exports, excluding dairy, onions, sugar, and other sensitive goods to protect Indian farmers.

New Zealand will implement quotas for kiwifruit and apple exports to India, alongside a dedicated Agri-Technology Action Plan. The deal also includes commitments to Geographical Indications for India's wines and spirits, and regulatory cooperation, enhancing opportunities for sectors such as IT, healthcare, and education.