New Delhi, Dec. 23 -- India and New Zealand have pledged deeper cooperation in banking and insurance under their free trade agreement (FTA). They have committed to market access and national treatment, liberal foreign direct investment (FDI) norms, and a branch licensing framework allowing up to 15 branches to be established in each other's country over four years.

The two nations concluded negotiations on the financial services annex as part of the FTA, marking a significant milestone in strengthening bilateral economic and strategic cooperation, according to a finance ministry statement released on Tuesday.

This FTA will provide the necessary institutional and regulatory framework to accelerate bilateral collaboration, facilitate mark...