India's Economic Rise to Boost Gains for NZ Trade Deal
New Zealand's free-trade deal with India is expected to bring significant gains to the country's economy, according to a report from Westpac Institutional Bank. The report highlights India's rapid economic growth and its potential to become the world's third-largest economy this decade.
The FTA between New Zealand and India will eliminate or reduce tariffs on 95% of the country's current exports, resulting in estimated tariff savings of around NZ$43 million annually from day one, rising to about NZ$62 million when fully implemented based on current trade levels.
The report notes that India is a global economic powerhouse with a growing middle class and increasing influence in global trade, technology, investment, and geopolitics. The benefits of the FTA extend beyond traditional merchandise trade to investment, services, tourism, and education exports.