India’s Free Trade Agreement (FTA) with New Zealand will take effect on October 20, offering duty-free access for all Indian exports to New Zealand, as announced by Commerce and Industry Minister Piyush Goyal. This agreement, signed earlier in April, marks a significant step in strengthening trade relations between the two nations.
Under the terms of the FTA, New Zealand has committed to facilitating $20 billion in investment into India over a 15-year period. Despite the sweeping trade openings, India has strategically excluded several sensitive agricultural products, such as onions, chickpeas, peas, corn, almonds, and sugar, to safeguard its domestic agricultural sector.
Minister Goyal also highlighted India’s ongoing efforts to expedite trade negotiations with other global partners, including the European Union, Canada, and Chile. Notably, India and Canada are preparing to enter the fifth round of discussions in October, with both countries eager to advance towards a Comprehensive Economic Partnership Agreement.
Negotiations with Chile are reportedly moving forward, while India anticipates further progress on its trade pact with the European Union by the end of the year. These efforts underscore India’s broader strategy to expand its trade horizons and secure beneficial international partnerships.