NEW DELHI: India and New Zealand will sign a free trade agreement (FTA) on April 27 here, an official said on Thursday.
The free trade pact aims to provide tariff-free access to the island nation's market for domestic exporters' goods and will bring in USD 20 billion in investment over the next 15 years.
The two countries on December 22 last year announced the conclusion of negotiations for the trade deal which aims at doubling bilateral trade to USD 5 billion in the next five years.
The official said that the pact will be signed on April 27 in Bharat Mandapam after a meeting of the India-New Zealand Business Forum.
While India will get zero-duty market access on 100 per cent of its exports, the agreement will eliminate or reduce tariffs on 95 per cent of New Zealand's exports to India, including items ranging from wool, coal, wood, wine, to avocados and blueberries.
However, New Delhi has made no duty concessions on imports of dairy products like milk, cream, whey, yoghurt, and cheese; onions, sugar, spices, edible oils, and rubber to protect farmers and the domestic industry.
Under the pact, New Zealand will also get duty-free access to goods such as sheep meat, wool, coal and over 95 per cent of forestry and wood articles.
As regards the services sector, New Zealand will give a temporary employment entry visa pathway for Indian professionals in skilled occupations with a quota of 5,000 visas annually and a stay of up to three years.
Bilateral merchandise trade stood at USD 1.3 billion in 2024-25. The total trade in goods and services reached about USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion, led by travel, IT, and business services.