India-New Zealand FTA Will Come Into Force On Oct. 20
The statement of the minister comes at a time when India is aggressively moving forward to boost bilateral trade and investments with the several nations and to augment exports for the country
New Delhi: Commerce and industry minister Piyush Goyal on Monday said that the India-New Zealand free trade agreement (FTA) will come into force on October 20, while the next round of talks for a comprehensive economic partnership agreement (CEPA) between India and Canada will be held from October 5.
The statement of the minister comes at a time when India is aggressively moving forward to boost bilateral trade and investments with the several nations and to augment exports for the country. “For the India-New Zealand pact, it will facilitate significant investments of $20 billion over the next 15 years from New Zealand to India,” Goyal told the reporters here.
The India-New Zealand FTA, which was signed on April 27, provides duty-free access for 100 per cent of India’s exports to New Zealand right from entry into force of the pact. “We are taking forward the next important milestone in our bilateral economic partnership with New Zealand, which will come into force on the auspicious occasion of Dussehra on 20th of October, 2026, reflecting our shared commitment to build a stronger and a more ambitious economic partnership with New Zealand,” Goyal said.
“Looking forward, our immediate priority should be to ensure that the provisions of the agreement immediately translate into tangible benefits for businesses and people of India and New Zealand. Together, let's ensure that this FTA becomes a strong foundation for a deeper, more dynamic and mutually beneficial economic partnership between our two countries. The pact also establishes an agricultural productivity partnership whereby New Zealand’s technology will meet India’s scale and growing demand,” he said.
New Zealand trade minister Todd McClay also said that this is a high quality agreement that will deliver significant benefits for the citizens of the two countries. “At a time of global economic uncertainties, the pact would give confidence to business communities of the two countries,” he said.
Meanwhile, Goyal also said that the next round of talks for a CEPA between India and Canada would be held from October 5. “The fourth round of negotiations concluded here on September 18 and the talks are moving at a faster pace as both the countries are targeting to conclude the negotiations by the end of this year,” the minister said.
Canada's International Trade Minister Maninder Sidhu was in Mumbai last week to hold talks with Goyal. “Both sides have resolved to fast-track negotiations, in view of which our team is now slated to go for the fifth round on October 5. The five-day talks may end on October 9,” Goyal said.
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 and semi-precious stones, coal, fertilisers, paper and crude petroleum.