Commerce and Industry Minister Piyush Goyal engaged in a productive discussion with heads of various Export Promotion Councils to enhance opportunities for Indian businesses in global trade. Goyal emphasized the importance of sector-specific priorities and received valuable feedback to facilitate exports and tap into international markets. He also explored ways for exporters to utilize India’s recent Free Trade Agreements (FTAs) to expand market access and increase exports.
Goyal expressed optimism about leveraging the India-New Zealand FTA to foster new business prospects, strengthen economic ties, and enhance bilateral partnerships. During the India-New Zealand Business Forum, Goyal, alongside New Zealand’s Todd McClay, highlighted the synergies between India’s market potential, digital capabilities, and manufacturing strengths, and New Zealand’s expertise in agri-tech, clean energy, and fintech.
The recently concluded FTA between India and New Zealand, achieved in a record nine months, signifies a significant step towards bolstering bilateral relations. Both countries aim to elevate their current trade levels to $5 billion in the next five years, building on the existing trade of $1.3 billion in goods and $634 million in services. The agreement also underscores India’s strategic diversification in the Indo-Pacific region amidst global trade uncertainties and evolving supply chains.
Noteworthy is the provision in the FTA where New Zealand plans to invest $20 billion in India over 15 years, akin to the commitment made by the European Free Trade Association in their FTA with India. This investment commitment reflects the growing economic cooperation between the countries and the potential for further collaboration in various sectors.
