NZ-India Trade Deal May Take Effect Next Month, Luxon Suggests

New Zealand's Prime Minister Christopher Luxon has hinted that the country's free trade agreement with India could take effect as early as next month. The agreement, signed in April, aims to boost economic ties between the two countries and double bilateral trade to $5 billion within five years.

Luxon made the remarks while attending the Pacific Islands Forum leaders' retreat in Koror, Palau. He confirmed reports that an official had indicated the agreement could take effect next month, immediately reducing costs for exporters.

New Zealand and India are looking to capitalize on India's growing economy, which is expected to become the third-largest in the world within a few years. The country has a large middle class, with 440 million people currently in this demographic, projected to increase to 750 million by the end of the decade.

Luxon expressed his enthusiasm for the agreement, stating that it presents 'a massive opportunity' for New Zealand. He noted that NZ First does not support the trade agreement.