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India-New Zealand FTA to Kick in on Dussehra; Duty-Free Access, $20 Bn Investment to Boost Trade
On Monday, Union Commerce and Industry Minister Piyush Goyal flagged off the first-ever JCB machine export to New Zealand from Pune, Maharashtra, ahead of the India-New Zealand Free Trade Agreement implementation on Tuesday.
Granting 100% duty-free access for Indian exports, the India-New Zealand Free Trade Agreement effective Tuesday will open significant opportunities for manufacturers entering the New Zealand market.
JCB India Managing Director Deepak Shetty projects overall machinery exports will reach around 18,000 units this year, up from approximately 15,000 last year, with shipments now reaching 140 countries.
India and New Zealand are targeting $7 billion in bilateral trade by 2030, with the agreement reducing tariffs on 95% of New Zealand imports into India while protecting sensitive sectors like dairy.
The pact also establishes a Temporary Employment Entry Visa pathway with a 5,000-person quota and commits New Zealand to invest $20 billion in India over the next 15 years.