WELLINGTON/NEW DELHI, Dec. 22 (Xinhua) -- New Zealand and India on Monday announced the conclusion of a bilateral free trade agreement (FTA) that will eliminate or reduce tariffs on 95 percent of New Zealand's exports while granting zero-duty market access to all of India's exports.

The deal, to be signed in the first half of next year, will see immediate tariff elimination on sheep meat, wool, coal and over 95 percent of forestry and wood exports, while major reductions will apply to seafood, fruit, wine, and manuka honey, according to a New Zealand government statement.

The deal, including provisions for services, skilled work visas, and recognition of geographical indications, is "in New Zealand's best interest and will deliver thousands of jobs and billions in additional exports," said New Zealand's Trade and Investment Minister Todd McClay.

India's federal commerce ministry also hailed the deal as "best-ever market access and services offer by New Zealand to India, covering 118 services sectors."

The deal would also boost student mobility through post-study work visas and professional pathways in New Zealand, "with no numerical caps," said the ministry.

Negotiations for the trade pact began in March, following New Zealand Prime Minister Christopher Luxon's visit to India, and were concluded after nine months of talks, said McClay.

The FTA talks reflect "a strong political will and shared ambition to deepen economic ties between the two countries," said Indian Prime Minister Narendra Modi on X. Enditem