India, New Zealand finalise free trade deal after 10-year talks:Over half of imported goods to be duty-free; kiwi fruit, wool to become cheaper

The Free Trade Agreement (FTA) between India and New Zealand was finalised on Monday. New Zealand Prime Minister Christopher Luxon announced this on Monday. He said this would make it easier for their exporters to access the world’s most populous market. This deal will give New Zealand exporters easier access to India’s middle class. Under the deal, import duties (Tariffs) on 95% of goods coming from New Zealand to India have either been eliminated or significantly reduced. More than half of the products will become duty-free from day one. Kiwi fruit, apples and wool will become cheaper This agreement will have a direct impact on the pockets of ordinary Indian consumers. Fresh fruits from New Zealand, especially Kiwi and apples, will now be taxed at a much lower rate. Additionally, wool and wool products, wood, and certain types of dairy items will also become cheaper. Benefits will be available from the first day of the deal Indian Economy Will Be $7 Trillion by 2030 New Zealand has made this deal considering India’s growing economic power. The Kiwi government estimates that by 2030, the Indian economy will be worth about $12 trillion New Zealand dollars (approximately ₹627.21 lakh crore). India is a big opportunity for New Zealand traders, as its population and growing purchasing power could become the world’s largest platform for their dairy, fresh fruit and wool industries. Deal stuck for 10 years was finalised in 9 months Trade negotiations between India and New Zealand had been stalled for 10 years. This year in March, both countries resumed discussions and finalised it within just 9 months. Previously, India has made similar agreements with Australia and UAE, which has strengthened India’s global trade partnerships. India has signed 7 free trade deals in the last 5 years. ​