Historic Free Trade Agreement Boosts New Zealand-India Economic Ties

New Zealand and India have signed a free trade agreement to enhance access for New Zealand’s exporters to India’s vast market. This deal eliminates or reduces tariffs on 95% of New Zealand's exports to India, allowing over half of the products duty-free access immediately.

New Zealand and India have successfully negotiated a landmark free trade agreement, according to an announcement by New Zealand on Monday. This pact is set to provide New Zealand exporters with unprecedented access to India, the world's most populous nation and a burgeoning economy projected to reach NZ$12 trillion by 2030.

The agreement promises significant economic benefits, including the elimination or reduction of tariffs on an impressive 95% of New Zealand's exports to India. More than half of these exports will enjoy duty-free status from the outset, marking a significant enhancement in trade relations between the two nations.

The New Zealand government highlighted the deal as a strategic move to tap into India's expanding middle class. This evolving demographic represents a substantial market, offering promising opportunities for New Zealand businesses seeking growth in a dynamic international environment.

(With inputs from agencies.)