NEW DELHI, Apr 24 : India and New Zealand will sign a free trade agreement (FTA) on April 27 here, Prime Minister Christopher Luxon said on Friday.
The pact aims to provide tariff-free access to the island nation’s market for domestic exporters’ goods and will bring in USD 20 billion in investment over the next 15 years.
“We’ll sign our Free Trade Agreement with India on Monday,” Luxon said in a social media post.
The two countries announced on December 22 last year the conclusion of negotiations for the trade deal, which aims at doubling bilateral trade to USD 5 billion in the next five years.
While India will get zero-duty market access on 100 per cent of its exports, the agreement will eliminate or reduce tariffs on 95 per cent of New Zealand’s exports to India, including items ranging from wool, coal, wood, wine, avocados and blueberries.
However, New Delhi has made no duty concessions on imports of dairy products like milk, cream, whey, yoghurt, and cheese; onions, sugar, spices, edible oils, and rubber to protect farmers and the domestic industry.
Bilateral merchandise trade stood at USD 1.3 billion in 2024-25. The total trade in goods and services reached about USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion, led by travel, IT, and business services. (PTI)
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