New Delhi: India and New Zealand’s free trade agreement (FTA) will come into effect on October 20, according to media reports, citing Indian Trade Minister Piyush Goyal.
The agreement, signed in April, is aimed at expanding trade between the two countries and attracting greater investment amid changes in global trade.
Under the pact, all Indian goods will receive duty-free access to the New Zealand market. The agreement will also ease mobility for students and workers between the two countries.
New Zealand will remove or reduce tariffs on about 95% of its exports to India, including wine, kiwifruit and apples.
As per media reports, New Zealand has committed to investing $20 billion in India over the next 15 years. The two countries have also set a target of doubling bilateral trade by 2030.
Trade between India and New Zealand was worth about $2.3 billion in the 12 months to June.
The agreement comes as India seeks to diversify its export markets and strengthen trade ties with countries including the UK and European Union amid uncertainty over global tariffs and trade barriers.
I can also create an image explaining the key points of the India-New Zealand FTA.
