India and New Zealand have announced reaching a free trade agreement that is expected to boost trade between the two countries by hundreds of millions of dollars.
New Delhi and Wellington confirmed the agreement on Monday, saying the deal is expected to be formally signed in the first quarter of next year.
The announcement comes as governments across the globe seek to diversify trade links due to the uncertainty driven by United States President Donald Trump’s sweeping tariffs.
Under the terms of the agreement, India will gain zero-duty access for all goods exports to New Zealand. Wellington will receive duty concessions and market access for about 70 percent of India’s tariff lines, covering roughly 95 percent of New Zealand’s exports to India on a phased basis, officials said.
New Zealand is seeking to expand exports of dairy, fruit, wool and wine to India, with significant gains expected in horticulture, wood products and sheep wool.
India’s biggest beneficiaries from tariff-free access to New Zealand’s market are expected to include textiles and apparel, engineering goods, leather and footwear, and marine products.
New Zealand will also commit to investment worth $20bn in India over 15 years, India’s Ministry of Commerce and Industry said, while skilled Indian professionals should get easier access to New Zealand’s job market.
The announcement comes as governments across the globe seek to diversify trade links due to the uncertainty driven by United States President Donald Trump’s sweeping tariffs.
Under the terms of the agreement, India will gain zero-duty access for all goods exports to New Zealand. Wellington will receive duty concessions and market access for about 70 percent of India’s tariff lines, covering roughly 95 percent of New Zealand’s exports to India on a phased basis, officials said.
New Zealand is seeking to expand exports of dairy, fruit, wool and wine to India, with significant gains expected in horticulture, wood products and sheep wool.
India’s biggest beneficiaries from tariff-free access to New Zealand’s market are expected to include textiles and apparel, engineering goods, leather and footwear, and marine products.
Credit: aljazeera.com
