According to India’s commerce minister, a planned free trade agreement with New Zealand may significantly strengthen bilateral ties and increase trade by ten times in ten years. After a ten-year break, India and New Zealand have resumed their free trade agreement (FTA) talks after Prime Minister Narendra Modi met with Prime Minister Christopher Luxon of New Zealand, who is now visiting India.
Trade Minister Piyush Goyal told a group of business leaders that the agreement might increase trade in pharmaceuticals, tourism, vital minerals, and agricultural items. Following US President Donald Trump’s decision to slap retaliatory tariffs on imported goods from many nations, including India, negotiations are taking place against the backdrop of escalating global trade tensions. Additionally, India is stepping up its efforts to negotiate trade agreements with the UK and the EU.
Goyal stated, “The enormous amount of innovation opportunity that comes out of New Zealand can reach the whole world through India. “We can advance this partnership by manufacturing (and) producing in India for the global market at competitive prices.” According to Luxon, New Zealand anticipates a deeper collaboration with India in several areas, including renewable energy and aerospace.
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