India-New Zealand Trade Deal: Cheaper Imports and Easier Mobility for Consumers and Professionals
Cheaper Apples, Easier Visas: What India-NZ Trade Deal Means For Consumers And Students
News 18
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A proposed free trade agreement between India and New Zealand aims to lower prices on imported goods like apples and dairy products while easing visa access for professionals. The deal, pending approval, is expected to enhance market access and increase bilateral trade significantly.
- 01The trade deal will reduce tariffs on various imported products, making them cheaper for Indian consumers.
- 02Visa access for professionals between India and New Zealand is expected to improve.
- 03India will gain duty-free access to essential industrial inputs, benefiting manufacturers.
- 04New Zealand aims to double its exports over the next decade through this agreement.
- 05Bilateral trade, currently around $2.4 billion, is expected to grow significantly with the new deal.
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A proposed free trade agreement between India and New Zealand is poised to benefit consumers and professionals in both countries. If approved by New Zealand's Parliament, the deal will gradually reduce tariffs on a range of products, including apples, kiwis, and dairy products, making them more affordable for Indian shoppers. For instance, New Zealand apples and kiwis, which are often priced at a premium, are expected to see a drop in prices as import duties are lowered over time. Additionally, wine prices will decrease as tariffs are phased out over a 10-year period. On the industrial front, India will gain duty-free access to crucial inputs like wooden logs, coking coal, and metal scrap, which could lower costs for manufacturers and infrastructure projects. New Zealand's dairy sector will also benefit from improved access to the Indian market, with immediate duty-free entry for certain food ingredients and phased tariff reductions for bulk infant formula over the next seven years. New Zealand Trade Minister Todd McClay highlighted that this agreement aligns with the country's goal to double exports in the next decade, potentially creating jobs and increasing trade volumes. Currently, trade between the two nations is modest, valued at around $1.3 billion in merchandise trade for 2024-25, but officials believe the agreement could significantly enhance bilateral trade and provide tangible benefits to consumers.
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Consumers in India can expect lower prices on a variety of imported goods, enhancing their purchasing power. Additionally, professionals may find it easier to work in New Zealand, potentially leading to more job opportunities.
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