India and New Zealand finalise free trade deal, eyeing growth

India and New Zealand announced Monday they have reached a free trade deal, seeking to deepen economic ties and shore up growth at a time of mounting global trade uncertainties.

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The move comes as New Delhi accelerates efforts to diversify export destinations as part of a broader strategy to offset the impact of steep U.S. import tariffs.

A formal signing of the agreement between India and New Zealand is expected in the first quarter of next year after legal scrubbing of the negotiated text, India’s chief negotiator Petal Dhillon told reporters.

The India-New Zealand trade agreement, negotiated over nine months, aims to lower tariffs, ease regulatory barriers and expand cooperation across goods, services and investments.

It underscores India’s push to lock in trade partnerships beyond traditional markets as global commerce faces strains from unpredictable tariffs and geopolitical tensions, slowing growth and raising protectionism.

As part of the deal, India would get zero-duty-export access for all its goods to New Zealand while Wellington would get duty concessions and market access for about 70% of New Delhi's tariff lines, covering 95% of its exports in a phased manner, Indian officials said.