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India, New Zealand Forge Landmark Trade Agreement
(MENAFN) New Delhi and Wellington have finalized a sweeping economic partnership designed to maximize bilateral commerce opportunities between the two nations.
Bilateral commerce reached $2.4 billion throughout 2024, with the services sector contributing $1.24 billion—predominantly driven by travel, information technology, and business services, according to a Monday announcement from India's Commerce Ministry.
Indian Prime Minister Narendra Modi shared on X Monday: "My friend PM Christopher Luxon and I had a very good conversation a short while ago following the conclusion of the landmark India-New Zealand Free Trade Agreement."
The compact was finalized in merely nine months and "reflects a strong political will and shared ambition to deepen economic ties between our two countries," Modi added.
Discussions for the partnership launched when Luxon traveled to India in March.
New Zealand has pledged $20 billion in Indian investments spanning the next 15 years, targeting manufacturing, infrastructure, services, innovation, and job creation, the ministry statement confirmed.
The partnership introduces temporary work entry permits for Indian professionals, capped at 5,000 individuals simultaneously, allowing residence periods extending to three years in New Zealand.
Official signing is anticipated within three months, media reported.
This marks India's third free trade compact this year, following agreements with the United Kingdom in July and Oman last week.
The development unfolds as India negotiates with the US for a trade arrangement, after President Trump imposed 50% tariffs in August—half representing punitive duties targeting New Delhi's Russian oil purchases.
Earlier this month, Trump threatened additional tariffs on India, accusing it of dumping rice into the US.
New Delhi simultaneously pursues a preferential trade framework with Mexico to counter potential tariff increases reaching 50%, alongside negotiations with approximately a dozen other nations or trading blocs.
Bilateral commerce reached $2.4 billion throughout 2024, with the services sector contributing $1.24 billion—predominantly driven by travel, information technology, and business services, according to a Monday announcement from India's Commerce Ministry.
Indian Prime Minister Narendra Modi shared on X Monday: "My friend PM Christopher Luxon and I had a very good conversation a short while ago following the conclusion of the landmark India-New Zealand Free Trade Agreement."
The compact was finalized in merely nine months and "reflects a strong political will and shared ambition to deepen economic ties between our two countries," Modi added.
Discussions for the partnership launched when Luxon traveled to India in March.
New Zealand has pledged $20 billion in Indian investments spanning the next 15 years, targeting manufacturing, infrastructure, services, innovation, and job creation, the ministry statement confirmed.
The partnership introduces temporary work entry permits for Indian professionals, capped at 5,000 individuals simultaneously, allowing residence periods extending to three years in New Zealand.
Official signing is anticipated within three months, media reported.
This marks India's third free trade compact this year, following agreements with the United Kingdom in July and Oman last week.
The development unfolds as India negotiates with the US for a trade arrangement, after President Trump imposed 50% tariffs in August—half representing punitive duties targeting New Delhi's Russian oil purchases.
Earlier this month, Trump threatened additional tariffs on India, accusing it of dumping rice into the US.
New Delhi simultaneously pursues a preferential trade framework with Mexico to counter potential tariff increases reaching 50%, alongside negotiations with approximately a dozen other nations or trading blocs.
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