India and New Zealand to sign FTA targeting $5bn trade
India and New Zealand are about to make their trade relationship official with a new free trade agreement (FTA) being signed on April 27 at Bharat Mandapam.
The main goal? To double their business together to $5 billion over the next five years.
Commerce and Industry Minister Piyush Goyal and his New Zealand counterpart, Todd McClay, will be putting pen to paper.
FTA includes $20bn investment pledge
The FTA gives India duty-free access to New Zealand's market, plus faster regulatory access for pharmaceuticals and medical devices.
For New Zealand, tariffs are eliminated or reduced on 95% of its exports, while kiwifruit and apples receive quota-based tariff cuts, including wool, coal, kiwifruit, and apples, and there's a promise of $20 billion investment into Indian manufacturing and services over 15 years.
There's also an Agri-Technology Action Plan to help Indian farmers and smoother rules for Indian pharma exports.
Importantly, India's dairy and agriculture sectors get some protection from competition.