Kiwi firm lands record deal as India trade pact begins

Auckland property technology firm Valocity landed the biggest deal in its history on the first day of the India-New Zealand trade agreement, Prime Minister Christopher Luxon said. He called it a sign that overseas business wins can bring jobs and higher incomes back home. But Luxon did not reveal the deal’s value, client or even which market it involved. Those details remain undisclosed. ⁹

Those missing details make it hard to measure the deal’s impact, but its timing drew attention. The agreement took effect on October 20, after the two countries signed it in April and approved it in September. New Zealand now removes import duties on all Indian goods. India has cut or removed tariffs on about 70 per cent of its tariff categories, covering nearly 95 per cent of New Zealand’s exports. ^1,3

Those zero tariffs could help Indian exporters compete in New Zealand, especially in clothing, leather, footwear, engineering goods and medicines. The deal also opens work and study routes. Up to 5,000 Indian professionals can hold new temporary work visas at a time, while a holiday scheme will offer up to 1,000 places a year. India has kept dairy, sugar and edible oils out of tariff cuts, protecting sensitive local producers. ^7,11

The 5,000-worker visa cap and tariff changes are only part of the deal’s test: whether companies use the new access. The two governments aim to double trade in goods and services to NZ$7 billion by 2030. New Zealand has also promised to support $20 billion in investment in India over 15 years. But Valocity’s undisclosed deal offers no public measure yet of how much the pact can deliver. ^1,16