India and New Zealand announced Monday that they have reached a free trade agreement, seeking to deepen economic ties and shore up growth amid mounting global trade uncertainties. As part of a larger plan to counteract the effects of high U.S. import tariffs, New Delhi is stepping up efforts to diversify export markets.
India’s lead negotiator Petal Dhillon told reporters that following legal scrutiny of the negotiated text, a formal signing of the agreement between India and New Zealand is anticipated in the first quarter of next year. The nine-month trade deal between New Zealand and India aims to reduce tariffs, remove regulatory barriers, and increase collaboration on investment, goods, and services.
As uncertain tariffs and geopolitical concerns strain global commerce, reducing GDP and escalating protectionism, it highlights India’s drive to lock in trade agreements outside of conventional markets.
As part of the agreement, Wellington would receive duty cuts and market access for roughly 70% of New Delhi’s tariff lines, with India gradually receiving zero-duty export access for 95% of its exports to New Zealand, according to Indian authorities.
Textiles, clothing, engineering goods, leather and footwear, and marine products are among the main industries in India that will benefit from tax-free exports. In contrast, horticulture, wood exports, coal, sheep wool, and beef are among New Zealand’s main industries.
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