India, New Zealand ink 'once-in-a-generation' trade deal

NEW DELHI: (Apr 27) India and New Zealand on Monday inked a 'once-in-a-generation' trade pact, giving duty-free access to 100 per cent of domestic exports, including textiles, leather footwear, and gems and jewellery, in the island nation.

The pact is expected to be implemented by the end of this year as it requires New Zealand Parliament's approval. In India, the Union cabinet approves a trade pact.

For the second time in a trade deal, India has received FDI (foreign direct investment) commitment of USD 20 billion in over 15 years. A similar commitment of USD 100 billion was made by four-European nation bloc EFTA in its pact with India.