India and New Zealand have signed a comprehensive free trade agreement (FTA), the provisions of which will come into force by December 2026, the government said in a statement on Tuesday, April 28.
Under the agreement, India will receive 100 percent duty-free market access, a foreign direct investment (FDI) commitment of $20 billion over 15 years and easier labor mobility strength, the statement said.
This is India's seventh free trade agreement in the last five years, following agreements with Mauritius, the UAE, Australia, the European Free Trade Association countries, the UK and Oman. Of these, free trade agreements with the UK, Oman and New Zealand have yet to be implemented. The rest are already in place.
New Zealand Trade Minister Todd McCladyll said the agreement would be tabled in Parliament on Tuesday, April 28, followed by a short selection process to allow proposals to be presented publicly. It will return to Parliament for debate.
“We expect to be able to implement it before the end of this year,” he added.
India will open about 70 percent of tariff lines covering almost 95 percent of New Zealand's exports.
