India The Free Trade Agreement (FTA) between India and New Zealand is expected to be signed on April 24. This agreement will give Indian exporters zero-tariff access to the market of the island country New Zealand for their products and is expected to bring investment of about $ 20 billion in the next 15 years. Both the countries had announced the completion of negotiations on this trade agreement on December 22 last year. The aim of this agreement is to increase bilateral trade to 5 billion dollars in the next 5 years. The agreement is expected to be signed on April 24 at the Bharat Mandapam, an official said.
Indian products will get zero-tariff market access in New Zealand
Under the agreement, India will get zero-tariff market access on 100 percent of its exports, while tariffs will be eliminated or reduced on 95 percent of New Zealand’s exports to India. This includes products such as wool, coal, wood, wine, avocados and blueberries. To protect farmers and domestic industry, India has not given any exemption on import of milk products like milk, cream, whey, curd and cheese and onion, sugar, spices, edible oil and rubber. Under this agreement, New Zealand will also get zero-tariff access to sheep meat, wool, coal and more than 95 percent of forest and timber products.
New Zealand will issue 5000 visas annually for Indian professionals
New Zealand will provide temporary employment entry visas for Indian professionals in skilled professions in the service sector. Under this, 5,000 visas will be issued annually and permission will be given to stay for a maximum of 3 years. This system will include professions like AYUSH doctor, yoga trainer, Indian chef and music teacher. Apart from this, high demand sectors like information technology, engineering, health services, education and construction have also been included, which will strengthen the movement of workforce and the service sector.
Trade worth $1.3 billion was done in the financial year 2024-25
Goods trade between the two countries stood at $1.3 billion in the financial year 2024-25. The total trade in goods and services in the year 2024 will be around $2.4 billion, of which only trade in services will be $1.24 billion. Tourism, information technology and professional services played a major role in this.
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