India, NZ wrap FTA talks, aim to double trade in five years, Pg1

Key Highlights:

• India and New Zealand concluded Free Trade Agreement (FTA) negotiations, aiming to double bilateral trade in five years.
• Bilateral trade between India and New Zealand in 2024-25 was $1.3 billion.
• Formal FTA negotiations began on March 16 after a meeting between Prime Minister Modi and Prime Minister Christopher Luxon.
• India will reduce tariffs on 95% of products exported from New Zealand, while New Zealand will eliminate tariffs on 100% of its exports to India.

Detailed Insights:

• The FTA is expected to be signed in 2-3 months after legal review and implemented in over six months following New Zealand Parliament approval.
• The Indian Cabinet has already approved the FTA, signaling strong domestic support for the agreement.
• New Zealand aims to gain access to India's market of over 1.4 billion consumers, boosting jobs and wages.
• The FTA reflects a strong political will to deepen economic ties, potentially scaling the India-New Zealand partnership to new heights.

Key Concepts Involved:

• Free Trade Agreement (FTA): An agreement between two or more countries to reduce or eliminate trade barriers.
• Tariffs: Taxes imposed on imported or exported goods.
• Bilateral Trade: Trade between two countries.