New Delhi: India and New Zealand on Monday signed a bilateral trade deal, described as a “once in a generation” opportunity. It is expected to be implemented by the end of the year, and will allow 100% duty-free access for goods shipped from the country along with easier visa rules for students and skilled professionals and free access for yoga professionals, AYUSH practitioners and musicians. Additionally, New Zealand has committed to investing $20 billion over the next 15 years, with Trade Minister Todd McLay identifying infrastructure among the areas where some investment will be made with the government facilitating the flow. With the agreement, both sides are looking to double bilateral trade in goods and services to $5 billion in five years.He appeared confident of the deal being reached despite concerns from his government’s coalition partner New Zealand First, as the opposition New Zealand Labor Party has backed it.Amidst the concerns expressed, McClay said, “We have the majority in Parliament to pass this agreement. All trade agreements presented in Parliament have enjoyed a supermajority of the two largest parties… We have bipartisanship.”The deal was finalized within nine months of resumption of talks and India managed to keep its sensitive agricultural products and dairy out of the scope of the treaty. PM Narendra Modi said, “The FTA catalyzes new opportunities for our farmers, artisans, young entrepreneurs, women and MSMEs, opening avenues for global market access and enterprise across all sectors, from agriculture and manufacturing to technology, education and services.”Commerce and Industry Minister Piyush Goyal said this is India’s ninth agreement in the last few years, adding that the UK and Oman deals will be operationalized in the coming weeks, while the trade deal with the EU is awaiting approval.“At the heart of the agreement is empowerment for exports, agricultural productivity, student mobility, skills, investment and services,” he said.Goyal said India can expect to gain a larger share in product segments ranging from footwear to automobiles. The trade agreement, negotiations for which were concluded in December, will provide duty-free access to India’s exports including textiles, apparel, leather, footwear, gems and jewellery, engineering goods and processed foods. New Zealand has a maximum tariff of up to 10% in sectors such as ceramics, carpets, automobiles and auto components.On its part, India will reduce tariffs on 70% of tariff lines, covering 95% of bilateral trade value, while keeping about 30% of products outside the scope of the agreement.While the pact opens doors for Indian professionals, Goyal said they have also invited GCCs from other New Zealand to take advantage of the skilled manpower in the country and reduce their costs. India has offered concessions to New Zealand in areas such as banking by allowing it to open more branches here.McLay said New Zealand companies intend to use the treaty’s provisions to import goods into India and re-export them after value addition. Goyal clarified that some of these goods, which may be agriculture or dairy related, will not be allowed to be sold in the domestic market and can only be used for export, in line with India’s foreign trade policy.