The agreement aims to roughly double two-way trade, with New Zealand removing import duties on Indian exports and India cutting or eliminating tariffs on about 95% of New Zealand imports.
India and New Zealand have officially signed a Free Trade Agreement aimed at raising bilateral trade to about $5 billion. According to the provided text, New Zealand will remove 100% of import duties on Indian exports, while India will cut or eliminate tariffs on around 95% of imports from New Zealand. The source also notes that some sensitive sectors, including dairy, are treated separately, although no further details are provided. Free trade agreements typically lower trade barriers between countries and can improve market access for exporters by reducing or removing customs duties.