India–New Zealand Sign Free Trade Agreement

India and New Zealand signed a Free Trade Agreement (FTA) in New Delhi on Monday night.

According to the Economic Times, India gained duty-free access for 100% of tariff lines under the deal, in a move set to boost exports from labour-intensive sectors such as textiles, leather, and processed foods.

New Delhi, meanwhile, opted for a calibrated liberalisation schedule, cutting tariffs immediately on about 30% of tariff lines, phasing reductions on a further 35.6%, and shielding sensitive sectors including dairy and key agricultural products.

Meanwhile, 1News reported that the deal will eliminate or reduce tariffs on 95% of New Zealand exports to India once fully implemented.

Almost 57% of exports will become duty-free immediately, rising to 82% over time.

After sealing a trade pact with New Zealand, India is likely to conclude two more agreements - with the European Union and the United States - in the coming months, Indian Commerce and Industry Minister Piyush Goyal said on Monday.