India on Monday announced closure of negotiations for a free trade agreement signed with New Zealand, its 18th deal so far as the country aims to boost bilateral trade and investments.
The pact is likely to be signed in three months and it is expected to be implemented next year.
The following are the highlights:
Zero Duty market access on 100 per cent of India's exports. India has offered tariff liberalisation in 70 per cent lines covering 95 per cent of New Zealand India Bilateral trade.
This market access enhances the competitiveness of India's labour-intensive sectors including textiles, apparel, leather, footwear, marine products, gems and jewellery, handicrafts, engineering goods and automobiles.
Launched on March 16th 2025, the fastest with a Developed Country FTA concludes the year on a high note for all Indian exports including textiles, pharmaceuticals, leather, Engineering Goods, Agricultural products * Dedicated quota of Temporary Employment Entry visa for 5,000 professionals and 1,000 Work and Holiday Visas.
New Zealand has committed to facilitate investments of USD 20 billion into India over the next fifteen years.
Establishment of Agricultural Productivity Partnerships through Centres of Excellence by New Zealand for Apples, Kiwifruit, and Honey to boost productivity.
Duty free inputs for India's Manufacturing Sector: Wooden logs, coking coal, waste and scraps of metals.
Cooperation has been agreed in AYUSH, culture, fisheries, audio visual tourism, forestry, horticulture and traditional knowledge systems.
Apart from tariff liberalisation, the FTA includes provisions to address non-tariff barriers through enhanced regulatory cooperation.
Bilateral merchandise trade reached USD 1.3 billion in 2024-25, while total trade in goods and services stood at approximately USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion.
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