Overview
- India and New Zealand signed the 20-chapter pact in New Delhi on Monday after a nine-month negotiating phase, locking in zero duty on all Indian exports, a 5,000-visa work pathway and a $20 billion investment plan.
- India will cut tariffs on roughly 70% of its tariff lines while shielding sensitive sectors, with dairy excluded and items like apples, kiwifruit and manuka honey limited by quotas and minimum import prices.
- Services access expands across IT, education, finance, tourism and construction, and the deal creates new routes for people flows including a three-year work visa for skilled professionals and student work rights.
- New Zealand’s ratification steps include a committee review, a national interest analysis and public consultation, and officials expect this process to take several months before the agreement enters into force.
- Officials and industry groups see the pact lifting trade, with targets reported to double two-way commerce to about $5 billion within five years from roughly $2.4 billion in 2024.