New Delhi: India and New Zealand on Monday announced the successful conclusion of a landmark Free Trade Agreement (FTA), with Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon jointly unveiling the pact during a telephone conversation—signalling a major expansion of bilateral economic and strategic ties.

Described by both sides as historic, ambitious and mutually beneficial, the India–New Zealand FTA was finalised in a record nine months, after negotiations were formally launched during PM Luxon’s visit to India in March 2025. The swift conclusion, the two leaders said, reflected strong political will and a shared ambition to elevate the partnership to a higher trajectory.

According to an official statement, the agreement is expected to significantly deepen economic engagement by enhancing market access, promoting two-way investment and strengthening strategic cooperation. It is also projected to open fresh opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth in both countries across multiple sectors.

Buoyed by the “strong and credible foundation” provided by the FTA, the leaders expressed confidence that bilateral trade could be doubled over the next five years. New Zealand also envisages investments of around USD 20 billion in India over the next 15 years, underlining the long-term economic potential of the partnership.

Beyond trade and investment, PMs Modi and Luxon reviewed progress in other key areas, including defence cooperation, sports, education and people-to-people ties. They reaffirmed their commitment to further strengthening the India–New Zealand partnership, positioning the FTA as a catalyst for broader strategic and societal engagement.

The two leaders agreed to remain in close touch as the agreement moves towards implementation, marking what officials described as the beginning of a new chapter in India–New Zealand relations.