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In a bid to strengthen economic ties and promote growth despite the uncertain global trade landscape, India and New Zealand have finalized a free trade agreement (FTA). Official signatures on the agreement are expected to be made in the first quarter of next year after undergoing a legal review. According to Indian sources, the agreement has been completed after eight months of negotiations, which will see a reduction in tariffs, easing of regulatory barriers, and an expansion of cooperation in goods and investment sectors.
Under the agreement, India will be allowed to export all its goods to New Zealand duty-free, while New Zealand will be granted preferential treatment on about 70% of India’s tariffs, which will eventually cover 95% of its exports. The Indian sectors that will benefit the most from this agreement include textiles, clothing, engineering products, leather, shoes, and maritime products. On the other hand, New Zealand will benefit from the export of agricultural products, wood, and wool.
The Indian Ministry of Commerce has stated that New Zealand has pledged to invest $20 billion in India over 15 years under the agreement. It is worth noting that the global trade market is currently under pressure due to unexpected tariffs and geopolitical tensions. The India-New Zealand agreement has come at a time when India is looking for new markets for its exports due to the increase in US import tariffs.
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