India and New Zealand have reached an agreement on a free trade agreement (FTA) which will be formally signed in the first quarter of next year, a government statement said on Tuesday, December 23.
Under the terms of the agreement, India will gain zero-duty access for exports of all goods to New Zealand and the latter 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, Indian government officials said.
New Zealand will also commit to an investment worth $20 billion in India over 15 years, while skilled Indian professionals should get easier access to New Zealand’s job market, the officials said.