New Delhi, Dec 22 (PTI): India on Monday announced the successful closure of negotiations for a free trade agreement (FTA) with New Zealand, its 18th such deal aimed at strengthening bilateral trade and investment. The agreement is expected to be signed within the next three months and is likely to come into force next year.
Since 2014, India has signed six trade pacts with countries including Mauritius, the UAE, Australia, the UK, and the European Free Trade Association (EFTA), while also maintaining FTAs with Japan, Korea, Oman, and other regions. FTAs allow countries to reduce or eliminate customs duties on traded goods, ease non-tariff barriers, and promote bilateral investments and services exports.
Under the India-New Zealand FTA, all Indian goods—including textiles, plastics, leather, and engineering products—will enter New Zealand at zero duty. New Zealand has committed USD 20 billion in foreign direct investment over 15 years. Indian services sectors such as IT, professional services, education, financial services, tourism, and construction are also expected to gain significant market access. The agreement will also introduce a Temporary Employment Entry Visa, enabling 5,000 Indian professionals in skilled occupations to work in New Zealand for up to three years.
India is simultaneously negotiating FTAs with several other partners, including the US, the European Union, Chile, Peru, and Israel, signaling its continued push to expand global trade and create skilled employment opportunities abroad.
Category: Breaking News
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