Commerce and Industry Minister Piyush Goyal expressed optimism about leveraging the India-New Zealand Free Trade Agreement (FTA) to create new business opportunities, enhance value chains, and strengthen economic ties between the two countries. During the India-New Zealand Business Forum, Goyal, alongside New Zealand’s Todd McClay, emphasized the synergies between India’s market, talent pool, digital capabilities, and manufacturing strengths, and New Zealand’s expertise in agri-tech, clean energy, and fintech.
The FTA, finalized within a record nine months, signifies a significant step in enhancing bilateral relations, aiming to boost trade from the current $1.3 billion in goods and $634 million in services to $5 billion over the next five years. The Indian diaspora of around 300,000 individuals in New Zealand plays a crucial role in bridging this partnership.
This agreement is pivotal amid global trade uncertainties, showcasing India’s strategic diversification across the Indo-Pacific region and its commitment to fostering resilient and inclusive economic partnerships. The FTA grants duty-free access for 100% of India’s exports to New Zealand, reducing the existing 10% tariff on various Indian export items, including textiles, apparel, leather products, ceramics, carpets, automobiles, and auto components.
