From mint · Eshita Gain · · 1m 20s
India-New Zealand Trade Pact Takes Effect
India's free trade agreement with New Zealand begins October 20, boosting bilateral trade to ₹35,000 crore by 2030.
In brief
India's free trade agreement with New Zealand begins October 20, boosting bilateral trade to ₹35,000 crore by 2030. India and New Zealand's trade pact takes effect on October 20, aiming for ₹35,000 crore bilateral trade by 2030. Originally reported by mint.
Trade Pact Takes Effect
India's free trade agreement with New Zealand takes effect on October 20, offering duty-free access to Indian exports.
Bilateral Trade Target
The pact aims to double bilateral trade in goods and services to about ₹35,000 crore by 2030.
New Zealand's Investment Commitment
New Zealand will facilitate $20 billion in foreign direct investment into India over the next 15 years.
Duty-Free Access Details
New Zealand provides 100% duty-free market access to Indian exports, eliminating up to 10% tariff disadvantage.
Key Beneficiaries
Exporters of fruits, vegetables, coffee, tea, cocoa, spices, textiles, pharmaceuticals, and engineering goods benefit.
Services Sector Opportunities
New Zealand opens 118 services sectors to Indian professionals, including IT, education, and tourism.
Temporary Employment Visas
A temporary employment visa pathway for skilled Indians with a quota of 5,000 visas per year.
Sensitive Sectors Excluded
Dairy products, onions, chana, peas, corn, almonds, and sugar remain protected under the pact.
The key point
India and New Zealand's trade pact takes effect on October 20, aiming for ₹35,000 crore bilateral trade by 2030.
