India, New Zealand Sign Free Trade Agreement in Record 9 Months
The signing ceremony concluded a negotiations process that New Delhi said was wrapped up in a record nine months, following last year's announcement that talks had been successfully finalised.
Indian Commerce Minister Piyush Goyal described the accord as a "landmark agreement" that reflects "deep mutual trust, shared ambition, and a common commitment to prosperity," adding that the pact is projected to channel $20 billion in investment into India over the next 15 years.
"A truly win-win partnership that advances the vision of Viksit Bharat, strengthens India-New Zealand ties, and sets a new benchmark for inclusive and trusted global cooperation," said Goyal, invoking the government's flagship ambition to elevate India to developed-nation status by 2047.
What the Deal Delivers
Under the terms of the agreement, New Zealand will grant 100% duty-free market access to 8,284 Indian export categories, spanning pharmaceuticals, engineering goods, and agricultural products. In reciprocation, India will eliminate or substantially reduce tariffs on 95% of New Zealand's current export portfolio.
The pact also carves out 5,000 dedicated visas for Indian service providers and professionals seeking short-term placements in New Zealand — covering sectors ranging from information technology and specialised health services to engineering, and extending to niche professions including music teachers, chefs, and yoga practitioners.
Indian officials noted that bilateral trade in goods and services reached approximately $2.4 billion in 2024, reflecting steady momentum that the new agreement is expected to significantly accelerate.
Wellington's Reaction
New Zealand Prime Minister Christopher Luxon welcomed the signing as a watershed moment, declaring it an "historic milestone" for the bilateral relationship.
"For New Zealand, this FTA opens the door to one of the world's most dynamic markets and creates unprecedented opportunities to trade, invest, innovate and connect," Luxon wrote on the US social media platform X.
"This deal will help diversify New Zealand's export markets, support the goal of doubling the value of our exports over 10 years and put New Zealand exporters on a more level playing field with competitors already enjoying preferential access in India," he added.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
