New Delhi: India and New Zealand are expected to sign a Free Trade Agreement (FTA) April 24 here, which will provide tariff-free access to domestic exporters for their goods in the island nation’s market, and will bring in USD 20 billion of investment over the next 15 years, an official said.
The two countries December 22 last year announced the conclusion of negotiations for the trade deal which aims at doubling bilateral trade to USD 5 billion in the next five years.
The official said that the pact is likely to be signed April 24 in Bharat Mandapam.
While India will get zero-duty market access on 100 per cent of its exports, the agreement will eliminate or reduce tariffs on 95 per cent of New Zealand’s exports to India, including items ranging from wool, coal, wood, wine, to avocados and blueberries.
However, New Delhi has made no duty concessions on allowing imports of dairy like milk, cream, whey, yoghurt, and cheese; onions, sugar, spices, edible oils and rubber to protect farmers and domestic industry.
Under the pact, New Zealand will also get duty-free access to goods such as sheep meat, wool, coal and over 95 per cent of forestry and wood articles.
As regards the services sector, New Zealand will give a temporary employment entry visa pathway for Indian professionals in skilled occupations with a quota of 5,000 visas annually and a stay of up to three years.
This pathway covers Indian professions such as AYUSH practitioners, yoga instructors, Indian chefs, and music teachers, as well as high-demand sectors including IT, engineering, healthcare, education, and construction, strengthening workforce mobility and services trade.
Bilateral merchandise trade stood at USD 1.3 billion in 2024-25. The total trade in goods and services reached about USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion, led by travel, IT, and business services.
PTI