New Horizons: India-New Zealand Trade Agreement Set to Transform Bilateral Ties

India and New Zealand are making strides toward a free trade agreement, which could boost bilateral trade significantly. With possibilities in sectors like farm products, pharmaceuticals, and tourism, the agreement envisions a 10-fold trade increase over a decade. Talks emerge amidst global trade tensions and innovation opportunities.

India and New Zealand have reignited discussions for a free trade agreement, Commerce Minister Piyush Goyal announced on Tuesday. This development follows meetings between Prime Minister Narendra Modi and New Zealand Prime Minister Christopher Luxon in India.

With a decade of stalled negotiations coming to an end, the agreement aims to enhance trade in farm products, pharmaceuticals, and tourism. Notably, India is keen on using its position as a global manufacturer to leverage New Zealand's innovation capabilities.

Bilateral trade was valued at $1.7 billion for the financial year ending March 2024, and potential advancements in aerospace and renewable energy suggest a transformative future. Expectations are high for the agreement's signing within 60 days.

(With inputs from agencies.)