India-New Zealand Free Trade Agreement Takes Effect
The India-New Zealand Free Trade Agreement (FTA) officially entered into force, aimed at doubling bilateral trade to 35,000 crore over the next four to five years. The agreement ensures that 95% of Indian exports to New Zealand will be tariff-free or enjoy low levies, while India's sensitive sectors like dairy, agriculture, and honey remain protected. New Zealand has also committed $20 billion in foreign direct investment to India and expressed interest in expanding cooperation in manufacturing, technology, and kiwi farming.
Key Points
- The India-New Zealand FTA aims to double bilateral trade to 35,000 crore within four to five years.
- About 95% of Indian exports to New Zealand will become tariff-free or have low levies.
- India's sensitive sectors like dairy and agriculture are protected and excluded from concessions.
- New Zealand has committed $20 billion worth of foreign direct investment into India.
Exam Facts
- Bilateral trade between the two countries stood at $1.3 billion in the fiscal year 2024-25.
- New Zealand committed $20 billion in foreign direct investment to India.
- 95% of exports from India to New Zealand will be tariff-free or at low levies.
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