India and New Zealand are expected to sign a Free Trade Agreement (FTA) on April 24, a step aimed at strengthening trade and investment ties between the two countries, according to a report in the Economic Times citing PTI. The agreement is projected to provide tariff-free access for Indian goods to the New Zealand market and could attract up to USD 20 billion in investment over the next 15 years.
The two countries had announced the conclusion of negotiations on the trade pact on December 22 last year, setting a target of doubling bilateral trade to USD 5 billion over the next five years. Under the agreement, India is expected to secure zero-duty access for all its exports to New Zealand. In return, India will remove or reduce tariffs on about 95% of New Zealand’s exports, including products such as wool, coal, and wood.
At the same time, India has decided not to extend tariff concessions to certain sensitive items—most notably dairy products, as well as onions, sugar, and rubber—in order to safeguard domestic farmers and industries.
