Central Commerce and Industry Minister Piyush Goyal said on Monday that the India‑New Zealand Free Trade Agreement (FTA) will create new opportunities for businesses of both countries. It will also strengthen the value chain and deepen economic relations between the two nations.
New Zealand’s Prime Minister Jacinda Ardern addressed the India‑New Zealand Business Forum held at the Rashtrapati Bhavan along with Minister Goyal. Goyal said that India’s vast market, skilled talent, digital capabilities, and manufacturing sector offer immense potential for innovative and tech‑driven growth, while New Zealand has expertise in agritech and fintech.
He added that the active participation of business leaders and shared ideas from both sides will be a key milestone in strengthening the bilateral FTA relations. The free trade agreement was signed nine months ago and is currently functioning. Under this FTA, New Zealand will get 100 % tariff exemption on Indian exports, while India gets tariff reduction on 95 % of goods imported from New Zealand, with further tariff cuts planned.
The free trade pact is expected to increase trade in goods and services to $1.3 trillion and investments to $634 billion. It aims to raise bilateral trade to $5 billion in five years and $20 billion in the next 15 years, with New Zealand planning to invest ₹20 arob (₹20 trillion) in India. The agreement is comparable to the EU‑India free trade pact, which involved $100 billion in investments and equal competition. The deal will also strengthen ties among 3 lakh Indian diaspora in New Zealand, making them a strong partner in this shared growth journey.
