India and New Zealand have signed a comprehensive Free Trade Agreement (FTA) aimed at expanding trade, encouraging investment, and strengthening economic cooperation between the two countries.
The agreement was signed in the presence of India’s Commerce and Industry Minister Piyush Goyal and New Zealand’s Trade Minister Todd McClay. Officials have described it as a significant milestone in bilateral relations due to its wide coverage and long-term impact.
A key feature of the deal is that New Zealand will allow duty-free access for about 100% of Indian exports over time, covering thousands of product categories. This includes sectors like textiles, engineering goods, chemicals, electronics, processed food, and agricultural products. The removal of import duties is expected to make Indian products more competitive in the New Zealand market.
On the other side, India has opened up selected sectors for New Zealand exports while keeping sensitive areas such as dairy and agriculture protected to safeguard local farmers and producers.
The agreement also places strong emphasis on investment and services. New Zealand has committed to investing around $20 billion in India over the next 15 years. This investment is expected to support areas like manufacturing, infrastructure development, technology, and innovation.
In addition, the FTA aims to make it easier for businesses and professionals to operate between the two countries. It includes steps to simplify trade rules, improve regulatory cooperation, and support smoother movement for skilled professionals, students, and service providers.
Also Read: White House dinner shooting sparks security fears
