New Delhi, Dec 22 (PTI) New Zealand Prime Minister Christopher Luxon on Monday said the negotiations for a free trade agreement with India have been concluded.

The free trade agreement (FTA) reduces or removes tariffs on 95 per cent of our exports to India, he said in a social media post.

It's forecast that New Zealand exports to India could increase from USD 1.1 billion to USD 1.3 billion per year over the coming two decades, he said.

"I've just spoken with India's Prime Minister Narendra Modi following the conclusion of the NZ-India Free Trade Agreement," he added.

"The agreement builds on the strong friendship between our two countries. India is one of the fastest-growing economies in the world, and this gives Kiwi businesses access to 1.4 billion Indian consumers," the Prime Minister said. PTI RR DRR

India-New Zealand FTA concluded, cutting or removing tariffs on 95% of New Zealand exports and expanding market access. Negotiations for a free trade agreement between India and New Zealand have been concluded, providing for tariff reduction or removal on 95 per cent of New Zealand exports to India and creating preferential tariff coverage and enhanced market access, with projected growth in bilateral exports and implementation dependent on schedules, rules of origin, and compliance measures.