New Zealand minister signs FTA in New Delhi

India and New Zealand signed a free trade agreement in New Delhi on April 27, with Commerce Minister Piyush Goyal and Trade Minister Todd McClay putting the pact into force. (apnews.com) (beehive.govt.nz) The agreement cuts or removes tariffs on 95% of New Zealand exports to India, including seafood, iron, steel and scrap aluminium, according to Indian business reporting. (thehindubusinessline.com) New Zealand said the pact also phases in duty-free access for bulk infant formula and other high-value dairy preparations over seven years, with a 50% tariff cut for milk albumins within a New Zealand-specific quota. (beehive.govt.nz) India secured 100% duty-free access for its exports to New Zealand, and Reuters reported the deal also covers visas and easier movement for some workers and business travelers. (msn.com) McClay said the agreement would create “thousands of jobs” and add “billions of dollars in additional exports” for New Zealand, framing the signing as a hedge against global trade uncertainty. (rnz.co.nz) The two countries currently trade about $2 billion a year, and McClay told Indian media the pact is meant to speed that up from a relatively low base. (hindustantimes.com) The negotiations moved unusually fast. Indian business outlets said the deal was concluded in December after about nine months of talks, making it one of India’s quickest trade agreements in recent years. (thehindubusinessline.com) The timing reflects pressure on both governments to widen export markets as U.S. tariffs, shipping disruptions and energy-route instability reshape trade flows. (apnews.com) For New Zealand, the sales pitch is access to India’s 1.4 billion people. For India, the gain is broader access to a developed market and a new bilateral trade lane in the Asia-Pacific. (beehive.govt.nz) (apnews.com) The ceremony in New Delhi closed a negotiation that both governments are now selling as economic insurance in a more volatile trading system. (rnz.co.nz) (apnews.com)