India’s Free Trade Agreement (FTA) with New Zealand is set to commence on October 20, granting New Zealand complete duty-free access for all Indian exports. Announced by Commerce and Industry Minister Piyush Goyal, this agreement, initially signed in April, marks a significant milestone in trade relations between the two countries.
Under the terms of the agreement, New Zealand is committed to facilitating $20 billion in investment into India over the next 15 years. However, India has strategically excluded certain sensitive agricultural products, such as onions, chickpeas, peas, corn, almonds, and sugar, from the agreement to safeguard domestic agricultural interests.
As India moves forward with this FTA, it is also accelerating trade negotiations with other global partners. Discussions with the European Union, Canada, and Chile are underway. Notably, the India-Canada negotiations are poised to enter their fifth round in October, with both nations striving to expedite progress on a Comprehensive Economic Partnership Agreement.
Further advancements are anticipated in India’s trade talks with Chile, while India remains optimistic about making substantial progress with the European Union by the end of the year. These efforts underscore India’s broader strategy to expand its global trade footprint and establish stronger economic ties with key international markets.