India and New Zealand formalized their Free Trade Agreement (FTA) on April 27, 2026, at Bharat Mandapam in New Delhi. Union Commerce and Industry Minister Piyush Goyal and New Zealand's Minister for Trade and Investment Todd McClay signed the agreement, which aims to enhance trade relations between the two countries. This FTA is notable for its rapid negotiation timeline, finalized in just nine months. Once implemented, all 8,284 Indian export products will gain duty-free access to New Zealand, with 70% of Indian goods facing no import duties. Key beneficiaries include the textiles and leather sectors, particularly from Agra, which contributes significantly to India's leather footwear output. The agreement also facilitates faster regulatory access for India's pharmaceutical and medical devices sectors, recognizing Indian traditional medicine practices. New Zealand, in return, will benefit from market access on 70.03% of its tariff lines, focusing on exports like wool and wine. The FTA also opens a pathway for 1,667 temporary employment visas for Indian professionals annually. However, sensitive sectors, including dairy and certain agricultural products, are excluded from tariff concessions to protect domestic industries. The agreement aims to double bilateral trade from $1.3 billion to $5 billion within five years.