"India and New Zealand finalized a major free-trade agreement on Monday, aiming to eliminate or reduce tariffs on some 95% of New Zealand's exports to India and give India tariff-free access to New Zealand's markets. New Zealand has also pledged to invest a further $20 billion (17 billion) in India over the next 15 years. "India is the world's most populous country and is the fastest-growing big economy, and that creates opportunities for jobs for Kiwis, exports and growth," said New Zealand Prime Minister Christopher Luxon."
"In 2024, trade between the two totaled $1.8 billion (1.5 billion) with pharmaceuticals from India and forestry and agricultural products from New Zealand making out the bulk of the goods. The deal was concluded in just nine months, with Indian Prime Minister Narendra Modi praising it as a "historic milestone" in a social media post. For New Zealand exporters, the deal will facilitate trade in items such as wood, coal, sheep wool and others, while Indian businesses will see benefits for clothing, footwear, and leather, as well as engineering goods and marine products."
India and New Zealand reached a free-trade agreement that cuts or removes tariffs on roughly 95% of New Zealand exports while granting India tariff-free access to New Zealand markets. New Zealand committed an additional $20 billion in investment in India over the next 15 years. Bilateral trade in 2024 amounted to $1.8 billion, led by Indian pharmaceuticals and New Zealand forestry and agricultural products. The pact was completed in nine months and opens trade in wood, coal, sheep wool, clothing, footwear, leather, engineering goods and marine products, while India retains protections on dairy and several agricultural items.
Read at www.dw.com
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