India and New Zealand to ink FTA on Monday, targeting $5bn trade boost
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New Delhi: India and New Zealand will sign a landmark free trade agreement (FTA) on Monday at Bharat Mandapam, with Commerce Minister Piyush Goyal and New Zealand counterpart Todd McClay in attendance.
Concluded after four months of negotiations, the deal aims to double bilateral trade to $5 billion within five years and attract $20 billion in New Zealand investment over 15 years into manufacturing, infrastructure, services, innovation and jobs.
Indian firms gain duty-free access to New Zealand markets, while 95% of New Zealand exports to India will see tariffs eliminated or cut. Key beneficiaries include wool, coal, wood, wine, seafood, cherries, avocados and blueberries.
India protects sensitive sectors – dairy, onions, sugar, spices, edible oils and rubber – from concessions. New Zealand secures duty-free entry for sheep meat, wool and forestry products, plus reduced duties on Manuka honey, infant formula and select seafood, with quota-based cuts for kiwifruit and apples.
A standout provision offers up to 5,000 Indian professionals annual temporary visas for three-year stays in IT, engineering, healthcare, education, construction, yoga instruction, AYUSH, chefs and music teaching.
The pact features an Agri-Technology Action Plan for kiwifruit, apples and honey, providing Indian farmers with better planting materials, training in orchard management, supply chains and food safety.
New Zealand will amend laws to register Indian wines and spirits under Geographical Indications. Broader measures tackle non-tariff barriers via regulatory alignment, customs streamlining and enhanced sanitary/phytosanitary standards – vital amid West Asia tensions disrupting global trade.
(Inputs from IANS)