India New Zealand FTA gives Indian exports tariff free access
India and New Zealand have inked a big free trade agreement (FTA) that could seriously boost business between the two countries.
The deal gives Indian exports like textiles, leather, medicines, and processed foods duty-free access in New Zealand.
In exchange, India will cut tariffs immediately on about 30% of tariff lines and phase reductions on a further 35.6% of tariff lines but will keep protections for sensitive farm products.
FTA aims $5B trade, $20B investment
The FTA aims to double trade between the countries to $5 billion in five years (pending approval by New Zealand's Parliament).
There's also a $20 billion investment plan from New Zealand focused on agriculture and technology.
Plus, 5,000 Indian professionals will get new work visas for jobs in IT and healthcare, and Indian students can look forward to better study and work opportunities in New Zealand.