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The Global Trade Research Initiative (GTRI) has said that India and New Zealand should look to double bilateral trade in the next five years by lowering import taxes on some goods and working more closely in areas like agriculture. It stated more direct flights, easier visa rules and mutual recognition of professional qualifications, particularly in IT, healthcare, and aviation, would help increase trade in services. GTRI Founder Ajay Srivastava said ‘Both countries could set a target to double two-way trade within five years through early tariff relief on select products, business delegations and sectoral cooperation in agriculture, forestry, fintech and education.’ 

India and New Zealand are set to announce the conclusion of negotiations on a comprehensive free-trade agreement, talks for which began in 2010, then stalled in 2015 after nine rounds, and were revived again this year. The first round of talks held on May 5-9 this year. Srivastava said the pact will focus on reducing tariffs on goods, improving access in services and strengthening trade facilitation, while protecting policy space in politically sensitive areas, especially dairy. 

Moreover, he said under the deal, tariffs are expected to be eliminated or sharply reduced on many industrial products, textiles, engineering goods, fuels and some agricultural items, with sensitive farm products are expected to be protected through exclusion lists, tariff-rate quotas and long phase-out periods. He also said that service commitments are expected to deepen cooperation in IT, business services, education, and digital trade, along with measures on customs facilitation, standards, MSMEs, sustainability, and dispute settlement. In FY25, the bilateral trade was about $1.3 billion (India's exports $711.1 million and imports $587.1 million). New Zealand's average import tariff is just 2.3 per cent, compared with India's 17.8 per cent, and 58.3 per cent of New Zealand's tariff lines are already duty-free.