India, New Zealand sign 'once in a generation' free trade agreement; enforcement later this year

The agreement includes a proposed $20 billion investment commitment by New Zealand in India over 15 years. India will have zero-duty access for all goods in New Zealand, with NZ receiving immediate tariff elimination on 30% of tariff lines; calibrated market access covers 70.03% of tariff lines, accounting for 95% of New Zealand’s exports.

Later in the day, both ministers attended an India-New Zealand Business Meet at a hotel in Agra, where leaders discussed strengthening business ties and opportunities across leather, AYUSH, pharma, medical devices and other sectors.

In New Zealand, the signed FTA will be reviewed by Parliament’s foreign affairs, defence and trade committee (FADTC). Following a national interest analysis, which includes public consultation, the committee will submit its report to Parliament for ratification; the process is expected to take at least six months.

The India-New Zealand free trade agreement was signed by both countries, with leaders describing it as a landmark pact.

New Zealand Prime Minister Christopher Luxon confirmed the signing of the India-New Zealand free trade agreement.

Union commerce minister Piyush Goyal posted on X on Friday ahead of the signing, saying that the signing on 27th April 2026 marks a defining moment in the bilateral journey and reflects trust, shared values, and a common vision for sustainable growth.

India and New Zealand concluded FTA negotiations in nine months; Modi and Luxon announced the conclusion, describing it as reflecting shared ambition and political will to further deepen ties.