India’s Free Trade Agreement (FTA) with New Zealand is set to take effect on October 20, offering duty-free access for all Indian exports to the New Zealand market, as announced by India’s Commerce and Industry Minister, Piyush Goyal. The agreement, initially signed in April, aims to strengthen economic ties between the two nations by facilitating increased trade and investment.
As part of the pact, New Zealand has committed to facilitating $20 billion in investment into India over the next 15 years. However, India has strategically excluded certain agricultural products such as onions, chickpeas, peas, corn, almonds, and sugar from the agreement to protect domestic agricultural interests.
Beyond the agreement with New Zealand, India is actively pursuing trade negotiations with other global partners. Talks with the European Union, Canada, and Chile are underway, with the India-Canada Comprehensive Economic Partnership Agreement entering its fifth round of discussions in October. Both countries are keen on expediting progress in their negotiations.
India is also making strides in its trade discussions with Chile, aiming for mutually beneficial terms. Meanwhile, significant progress is anticipated in the negotiations with the European Union, with further advancements expected before the year’s end.