US EditionIndia and New Zealand sign a free trade agreement to deepen economic ties
The pact opens all Indian exports to New Zealand duty-free and gives Indian professionals a 5,000-visa annual pathway, officials said.
- On Monday, April 27, Commerce and Industry Minister Piyush Goyal and New Zealand Trade and Investment Minister Todd McClay will sign a free trade agreement at Bharat Mandapam in New Delhi, targeting USD 5 billion in bilateral trade within five years.
- Following negotiations concluded in December, officials pitched the agreement as a "comprehensive partnership" rather than a conventional tariff-cutting pact, aiming to deepen economic engagement beyond the USD 2.4 billion total trade recorded in 2024.
- Under the agreement, India secures 100 per cent duty-free access for exports, while New Zealand commits to USD 20 billion in investments over 15 years and eliminates tariffs on 95 per cent of its exports.
- Indian professionals gain access to 5,000 annual visas for stays up to three years, while the pact accelerates pharmaceutical market access by accepting Good Manufacturing Practice and Good Clinical Practice inspection reports, lowering compliance costs.
- New Zealand will establish an Agri-Technology Action Plan and register India's Geographical Indications, positioning the pact as complementary to India's broader trade expansion following recent agreements with Australia and the EFTA bloc.
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60 Articles
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