Indian exporters are set to benefit from duty-free access to the New Zealand market starting October 20, following the commencement of a new Free Trade Agreement between the two countries. This development is expected to significantly boost India’s trade, as New Zealand will open its doors to 100% of Indian exports, potentially enhancing economic ties and trade volumes.
The agreement, initially signed in April, represents a strategic move by both nations to foster closer economic collaboration. As part of the deal, New Zealand has committed to facilitating $20 billion in investments into India over the next 15 years. While this opens new opportunities, India has strategically excluded several sensitive agricultural products such as onions, chickpeas, peas, corn, almonds, and sugar to safeguard domestic interests.
Commerce and Industry Minister Piyush Goyal highlighted the importance of this agreement in strengthening bilateral relations and providing new avenues for Indian businesses. In addition to the New Zealand agreement, India is accelerating trade negotiations with other key partners, including the European Union, Canada, and Chile, aiming to broaden its global trade network.
The India-Canada trade discussions are set to enter their fifth round this October, with both nations striving to expedite progress on a Comprehensive Economic Partnership Agreement. Meanwhile, negotiations with Chile are advancing, and significant developments are anticipated in India’s trade talks with the European Union by year-end.
These strategic moves underscore India’s commitment to expanding its global trade footprint, enhancing economic growth, and diversifying its trade partnerships. The new agreement with New Zealand, coupled with ongoing negotiations with other countries, positions India to play a more pivotal role in international trade dynamics.