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India, New Zealand Poised to Seal Historic Free Trade Deal
(MENAFN) India and New Zealand are set to formalize a landmark free trade agreement on Monday, New Zealand Prime Minister Christopher Luxon announced, describing the pact as a transformational moment for both economies.
Luxon revealed in a Sunday social media post that the deal had been set in motion a year ago during his meeting with Indian Prime Minister Narendra Modi in New Delhi. He framed the agreement as a "once-in-a-generation" opportunity that would dramatically widen New Zealand exporters' access to India's 1.4 billion-strong consumer market.
"It means more jobs on farms and orchards, it means more money coming into local communities, and it means more opportunities for your family to get ahead," Luxon said.
On April 23, Luxon shared a video outlining the anticipated economic benefits of the agreement ahead of its signing.
Indian Commerce Minister Piyush Goyal, who also held separate discussions with New Zealand Trade and Investment Minister Todd McClay, said the FTA would open vast opportunities for Indian businesses. Goyal indicated the pact is designed to double bilateral trade volumes and secure duty-free market entry for Indian firms into New Zealand.
Wellington has pledged to commit $20 billion in investments into India over the next 15 years, targeting manufacturing, infrastructure, services, innovation, and job creation.
McClay characterized India as a strategic priority for New Zealand's foreign economic policy, urging businesses on both sides to actively pursue joint ventures and cross-border investment opportunities.
Bilateral trade between the two nations reached $2.4 billion in 2024, with the services sector alone contributing $1.24 billion — driven primarily by travel, IT, and business services.
The deal adds to a growing network of trade partnerships for New Delhi. India concluded agreements with the UK and Oman in 2025 and with the European Union in January. New Delhi now holds free trade agreements with 38 countries, with negotiations for a US pact also currently underway.
The signing comes amid a notable shift in India's broader trade landscape. Earlier this month, China announced it had become India's largest trading partner in the 2025–26 financial year, overtaking the US, which had held that position for four consecutive years through 2024–25.
Luxon revealed in a Sunday social media post that the deal had been set in motion a year ago during his meeting with Indian Prime Minister Narendra Modi in New Delhi. He framed the agreement as a "once-in-a-generation" opportunity that would dramatically widen New Zealand exporters' access to India's 1.4 billion-strong consumer market.
"It means more jobs on farms and orchards, it means more money coming into local communities, and it means more opportunities for your family to get ahead," Luxon said.
On April 23, Luxon shared a video outlining the anticipated economic benefits of the agreement ahead of its signing.
Indian Commerce Minister Piyush Goyal, who also held separate discussions with New Zealand Trade and Investment Minister Todd McClay, said the FTA would open vast opportunities for Indian businesses. Goyal indicated the pact is designed to double bilateral trade volumes and secure duty-free market entry for Indian firms into New Zealand.
Wellington has pledged to commit $20 billion in investments into India over the next 15 years, targeting manufacturing, infrastructure, services, innovation, and job creation.
McClay characterized India as a strategic priority for New Zealand's foreign economic policy, urging businesses on both sides to actively pursue joint ventures and cross-border investment opportunities.
Bilateral trade between the two nations reached $2.4 billion in 2024, with the services sector alone contributing $1.24 billion — driven primarily by travel, IT, and business services.
The deal adds to a growing network of trade partnerships for New Delhi. India concluded agreements with the UK and Oman in 2025 and with the European Union in January. New Delhi now holds free trade agreements with 38 countries, with negotiations for a US pact also currently underway.
The signing comes amid a notable shift in India's broader trade landscape. Earlier this month, China announced it had become India's largest trading partner in the 2025–26 financial year, overtaking the US, which had held that position for four consecutive years through 2024–25.
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