India, Dec. 22 -- India and New Zealand on Monday announced the conclusion of an ambitious and mutually beneficial free trade agreement (FTA), with Prime Minister Narendra Modi and his counterpart Christopher Luxon saying the deal is expected to double bilateral trade in five years and lead to investments of $20 billion in India over the next 15 years.

The two leaders announced the conclusion of the trade deal - the second finalised by India this month after an agreement with Oman - during a telephone conversation. The FTA was concluded nine months after negotiations began during Luxon's visit to India in March, and both leaders said this reflected the "shared ambition and political will to further deepen ties".

With the strong foundati...