India-New Zealand FTA to Take Effect on Oct 20, Boosting Bilateral Trade by Rs 35,000 Crore

The recently signed India-New Zealand free trade agreement (FTA) establishes an agricultural productivity partnership whereby New Zealand's technology will meet India's scale and growing demand. For New Zealand, the pact provides preferential access to the largest and fastest-growing economy in the world.

As part of its efforts to expand its trade footprint, Canada is currently engaged in a trade battle with the US. The country's interest in securing a comprehensive economic partnership agreement (CEPA) with India is seen as an opportunity to diversify its trade relationships and reduce its reliance on its neighbour.

Read More: Rupee Rises 5 Paise to 95.82 Against Dollar as Oil Prices and Foreign Fund Flows Watched

India's major exports to Canada include pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods, and chemicals. Key imports from Canada include pulses, pearls, semi-precious stones, coal, fertilisers, paper, and crude petroleum.

Commerce and industry minister Piyush Goyal announced the signing of the India-New Zealand FTA on Monday. Officials stated that both sides have resolved to fast-track negotiations. The pact is expected to come into force on October 20 (Dusshera), providing duty-free access to 100% of India's exports.

Goyal also expressed confidence regarding the trade pact with Chile, highlighting the importance of securing strong trade relationships with key partners. The India-Chile FTA is seen as a significant development in the country's efforts to diversify its trade landscape and promote economic growth.

Also Read: Happy Forgings Sees 25% Revenue Growth, Led by PVs and Industrials

Talks with Canada for a comprehensive economic partnership agreement (CEPA) are moving at top gear. With the next round of negotiations scheduled for October 5. The fourth round concluded on September 18, indicating that both sides are keen to clinch a deal soon.

The successful conclusion of these trade agreements is expected to have a positive impact on India's economy. With the country poised to reap significant benefits from increased trade and investment. As the pact comes into force, Indian exporters can expect to see a boost in their exports.