India and New Zealand Seal Historic Free Trade Agreement

India and New Zealand are poised to ink a landmark Free Trade Agreement (FTA) on April 24, which promises to significantly bolster economic ties between the two countries. This pact, to be signed at Bharat Mandapam, will facilitate tariff-free access for Indian exports to New Zealand's market, while providing similar benefits to New Zealand's exports into India.

As per the agreement, India will enjoy zero-duty market access for all its exports. New Zealand, in turn, will benefit from eliminated or reduced tariffs on 95% of its exports to India, including products like wool, coal, and various foods. Despite this wide-ranging tariff reduction, India has safeguarded its domestic industries by witholding duty concessions on key agricultural products.

A significant aspect of the agreement is in the services sector, where New Zealand will offer employment entry visas for 5,000 Indian professionals annually. This initiative will foster workforce mobility across diverse fields such as IT, engineering, and healthcare, further cementing the trade partnership. The FTA aims to double the bilateral trade to USD 5 billion in the next five years, with substantial investments anticipated.