India and the New Zealand signed the India-New Zealand Free Trade Agreement (FTA) in the presence of Commerce and Industry Minister Piyush Goyal and New Zealand's Trade and Investment Minister Todd McClay. The agreement is expected to significantly strengthen economics ties between the two countries. It aims to double bilateral trade, provide Indian exporters duty-free access to the New Zealand, market, and attract investments worth $20 billion over the next 15 years.

A free trade agreement is a pact between two or more nations under which they agree to eliminate or substantially lower customs duties on a wide range of traded goods. It also seeks to reduce other barriers that may affect traded goods. It also seeks to reduce other barriers that may affect trade and investment between the participating countries.