India and New Zealand signed a historic Free Trade Agreement

India and New Zealand signed a historic Free Trade Agreement

¨     India and New Zealand signed a historic Free Trade Agreement (FTA).

¨     It marks a significant step in strengthening bilateral relations.

¨     Goal: Double trade to USD 5 billion within 5 years.

¨  Focus on expanding market access, reducing tariffs, and boosting trade in goods and services.

¨     Promotes labour mobility between the two countries.

¨ The agreement will come into force after completion of domestic procedures and ratification.

Key Features

¨     100% duty-free market access

¨     Boost to MSMEs

¨     Cooperation in services and labour mobility

¨     Includes USD 20 billion investment commitment

Significance

¨     Strengthens trade and economic ties

¨     Balances market access with domestic protection

¨     Enhances cooperation in the Indo-Pacific region

¨     Supports India’s global trade expansion under the Viksit Bharat 2047 vision