In this once-in-a-generation free trade, duty on 100% Indian exports down to zero.
On April 27, Monday, India and the New Zealand signed the India-New Zealand Free Trade Agreement (FTA)in the presence of Commerce and Industry Minister, Government of India, Piyush Goyal and New Zealand’s Trade and Investment Minister Todd McClay. This deal, concluding years of negotiations, grants India duty-free access for numerous exports and boosts services, while New Zealand gains immediate access to over half its exports to India. The agreement is expected to strengthen economic ties between the two countries and also aims to double bilateral trade and attract investments worth US$20 billion over the next 15 years.
A massive boost for India’s textile sector. The India–New Zealand FTA delivers zero-duty market access across all tariff lines, eliminating earlier duties and strengthening exports across garments, home textiles, technical textiles and traditional products. From MSMEs to artisan clusters, this opens new global opportunities while strengthening India’s position in the global textile value chain.
Zero duty market access across all tariff lines:
– Ready-made garments, knitwear and fashion apparels
– Bed linen, towels, carpets and upholstery
– Man-made fiber and Technical Textiles
– Traditional textiles and artisanal products
– Peak duty of 10% becomes zero
Concluded in just nine months, this is among the fastest deals India has finalised in recent years and a genuinely meaningful milestone in India’s trade journey. With bilateral trade targeted to double to $5 billion over the next five years, this opens up meaningful expanse for Indian businesses to scale in a high quality market.
