India and New Zealand on Monday announced a free trade deal that will make a majority of the goods trade between the two countries duty free.
The trade pact, which will be reviewed after one year, will be signed in the first half of next year.
“This historic agreement eliminates and reduces tariffs on 95% of New Zealand’s exports,” New Zealand Trade and Investment Minister Todd McClay said in a statement, adding that nearly 57% of exports from the country will become duty-free in India “from day one.”
The pacific island nation will also invest $20 billion in India over next 15 years and allow mobility of professionals, skilled labor and students from India to New Zealand, according to a statement from India.
India has also secured a “zero duty market” on all its exports to New Zealand that includes textiles, apparel, leather, footwear, marine products, gems and jewelry, handicrafts, engineering goods and automobiles.
