India-New Zealand: Reigniting Economic Ties with a Free Trade Agreement

Indian and New Zealand leaders anticipate signing a free trade agreement within 60 days, aiming to expand bilateral trade by 10 times over the next decade. After a hiatus, negotiations have resumed, focusing on duty concessions on agricultural products. The deal seeks to enhance economic ties amid existing tariff discussions.

New Zealand Prime Minister Christopher Luxon announced on Tuesday his intentions to sign a free trade agreement with India within the next 60 days. This move aims to bolster bilateral trade with India by a projected tenfold increase over the next ten years.

Following a decade-long pause, India and New Zealand have reinitiated negotiations for a prospective trade deal, as disclosed at the India-New Zealand Economic Summit organized by FICCI. Both nations aim to strengthen economic ties, with a key discussion focus on agricultural import duties.

Trade experts note the discussions will likely center on agricultural products like dairy and wine. Meanwhile, India's Commerce Minister Piyush Goyal underscores the complementary nature of the two economies, suggesting that these points can be navigated through mutual respect and cooperation.

(With inputs from agencies.)