The Free Trade Agreement between India and New Zealand is set to take effect on October 20, offering duty-free access for all Indian exports to New Zealand, according to India’s Commerce and Industry Minister Piyush Goyal. Signed in April, the agreement aims to enhance bilateral trade by eliminating tariffs and fostering economic collaboration between the two nations.
Beyond the trade of goods, the pact also sets the stage for significant investment opportunities, with New Zealand pledging to facilitate $20 billion in investments into India over the next 15 years. However, India has opted to exclude several sensitive agricultural products from the agreement, such as onions, chickpeas, peas, corn, almonds, and sugar, to protect domestic industries.
Minister Goyal also highlighted India’s ongoing efforts to expand its trade partnerships globally, with negotiations underway with the European Union, Canada, and Chile. Talks with Canada are advancing into their fifth round this October, with both countries aiming for swift progress on a Comprehensive Economic Partnership Agreement.
Negotiations with Chile are also progressing, while India is optimistic about making strides on its trade agreement with the European Union before the close of the year. These efforts are part of India’s broader strategy to strengthen its position in international trade and attract foreign investment.