India-New Zealand FTA: The India-New Zealand Free-Trade Deal (FTA) aims to boost trade between the two countries, including attracting $20 billion in investment over the next 15 years.

India-New Zealand FTA to be signed today

India-New Zealand Free Trade Deal: A free trade agreement (FTA) was finalized between India and New Zealand on Monday. The agreement was signed in the presence of Commerce and Industry Minister Piyush Goyal and New Zealand's Trade and Investment Minister Todd McLay.

This agreement will elevate economic relations between the two countries to a new level. It aims to boost trade, provide Indian exporters duty-free access to the New Zealand market, and attract $20 billion in investment over the next 15 years.

What is FTA?

A free trade agreement (FTA) is a contract or agreement between two or more countries that eliminates or significantly reduces customs duties on a variety of traded goods. This leads to lower prices, increasing demand for domestic goods in foreign markets, benefiting exporters and companies.

FTAs aren't just limited to goods, but also aim to make it easier for professionals like doctors and engineers to travel between places. They also simplify investment regulations.

Its benefits for India

• 100% Duty-Free Access - New Zealand has eliminated customs duties on 100% of Indian products, or 8,284 items. According to the PIB, this will directly benefit textiles, leather, pharmaceuticals, and engineering products.
• $20 billion investment - New Zealand is investing $20 billion in India's manufacturing, infrastructure, and agri-tech industries over the next 15 years. This will undoubtedly boost employment opportunities in the country and propel India to new heights.
• Trade will double - Both the countries are aiming to increase mutual trade from the current $2.4 billion to $5 billion in the next 5 years.
• Visa and employment opportunities - New Zealand will issue 5,000 special visas annually to Indian engineers, doctors, and healthcare professionals. For the first time, priority has also been given to AYUSH practitioners, yoga trainers, and Indian chefs.