Photo: RNZ / Mark Papalii
Trade Minister Todd McClay and his Indian counterpart, Piyush Goyal, announced the recommencement of free trade negotiations as part of Prime Minister Christopher Luxon's trip to the South Asian nation in March last year.
Nine months later, shortly before Christmas, the government said the trade negotiations had been concluded, achieving significant wins for several industries but limited gains for dairy.
Indeed, both sides have described the free trade agreement (FTA) as a shot in the arm for their respective economies.
The Indian government said the trade deal was a "forward-looking partnership" that promised to give labour-intensive sectors such as textiles and leather a significant boost.
For New Zealand, the agreement provided new business opportunities through enhanced access for the first time to a rapidly growing Indian middle class - expected to exceed 700 million within five years.
McClay even called the deal a "once-in-a-generation" achievement.
Below is a deeper look at what has been negotiated and announced to date.
First things first. What's the current status of the New Zealand-India free trade agreement?
The concluded negotiations of the proposed FTA will become a ratified treaty after enabling legislation is passed by New Zealand and India parliaments.
The passing of such legislation is relatively straightforward in India, where Prime Minister Narendra Modi leads a coalition government that is united on the deal.
The path is less clear in New Zealand after a coalition member has expressed its opposition to the agreement.
New Zealand First has invoked an "agree to disagree" clause of its coalition agreement with the National Party, with leader Winston Peters calling the deal "neither free nor fair".
As a result, the government will need support from the opposition to make the trade deal with India a reality.
If one of the opposition parties does support the deal, National would seek to pass enabling legislation as soon as possible with an eye on the general election that must be held by the year's end.
Once both nations have done so, the agreement could be signed sometime in the first half of the year.
Both sides have also agreed to review the agreement one year after it comes into force, which provides a mechanism to pursue further improvements in future, according to McClay.
Photo: Mark Papalii
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