India and New Zealand Conclude Free Trade Agreement (FTA) Talks to Boost Bilateral Trade
India and New Zealand have concluded discussions on a Free Trade Agreement (FTA) aimed at doubling bilateral trade to $5 billion within five years. The deal provides India with tariff-free access to New Zealand's markets and includes an FDI commitment of $20 billion over 15 years. New Zealand will grant 5,000 temporary work visas annually for Indian professionals in sectors like IT, healthcare, and education. While 95% of New Zealand's exports will see tariff cuts, India has protected sensitive sectors like dairy and certain agricultural products like rice and wheat to safeguard domestic farmers.
Key Points
- The FTA aims to double bilateral trade from current levels to $5 billion within five years.
- India secured 5,000 annual work visas for professionals including yoga instructors, chefs, and healthcare workers.
- Sensitive agricultural sectors like dairy, rice, wheat, and soya are excluded from tariff concessions to protect Indian farmers.
- The agreement includes a significant foreign direct investment (FDI) commitment of $20 billion over 15 years.
Exam Facts
- $20 billion FDI commitment over 15 years.
- Target of $5 billion bilateral trade in 5 years.
- 5,000 work visas annually for Indian professionals.
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