&imwidth=800&imheight=600&format=webp&quality=medium "India, New Zealand announce conclusion of Free Trade Agreement")
India and New Zealand concluded the negotiation for an ambitious Free Trade agreement (FTA), which is expected to double the bilateral trade in five years and yield an investment of $15 billion in India over the next 15 years. The announcement came following a telephonic conversation between Prime Minister Narendra Modi and his counterpart, Christopher Luxon.
The deliberation for the trade deal began during New Zealand Prime Minister Christopher Luxon’s visit to India in March 202,5, with both sides describing the agreement as a significant step towards strengthening bilateral economic ties. The pact is expected to advance economic engagement, improve market access and boost investment flows along with deepening strategic ties between the two countries.
The trade deal will also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors.
Hailing the deal as a landmark, PM Modi said, "Concluded in just nine months, this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries."
Luxon, at the same time, termed the agreement as "big deal", emphasising that it will reduce or remove tariffs on 95 per cent of New Zealand's exports, making it easier for Kiwi businesses to access 1.4 billion consumers in India.
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India–New Zealand trade in goods and services stood at $2.07 billion in 2024, with Indian exports contributing $1.1 billion. Agriculture and dairy emerged as sensitive sectors during the free trade agreement talks, and people familiar with the matter said both sides agreed to keep these issues outside the negotiations to accelerate progress on the trade deal.
The trade deal with New Zealand marks the second Free Trade agreement India inked this month after after a recent pact with Oman. New Delhi is in the process of negotiating fresh deals with its trade partners, such as the Comprehensive Economic Trade Agreement with the UK in July, which reduces tariffs on nearly 90% of goods traded by the two countries.
