New Delhi, Dec. 23 -- 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 foundation provided by the FTA, Modi and Luxon "expressed confidence in doubling bilateral trade over the next five years as well as an investment of $20 billion in India from New Zealand over the next 15 years", the external affairs ministry said in a readout. "An important moment for India-New Zealand relations, with a strong push to bilateral trade and investment," Modi said on social media. "Concluded in just nine months, this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries." The FTA will enhance market access, promote investment flows, significantly deepen bilateral economic engagement, and strengthen strategic cooperation between the two countries, the readout said. The trade deal will also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors. India-New Zealand trade in goods and services was worth $2.07 billion in 2024, with Indian exports accounting for $1.1 billion. Agriculture and dairy were sensitive sectors in negotiations for the FTA and people familiar with the matter said both sides had agreed to keep sensitive issues out of the negotiations to speed up work on the trade deal....