New Zealand completed the first FTA reading. Officials expect swift ratification. A target to double trade to ₹35,000 crore by 2030 adds urgency.
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India and New Zealand committed to ratifying their Free Trade Agreement quickly after elevating bilateral ties to a strategic partnership on Saturday. The two countries set a target of doubling trade in goods and services to ₹35,000 crore by 2030.
The FTA, signed April 27, has cleared the first of three mandatory readings in New Zealand's parliament. New Zealand First leader Winston Peters, who serves as foreign minister, voted against the deal during that reading. He called it "neither free nor fair" and said it would hurt local dairy farmers.
Indian officials said they expect the remaining readings to proceed without delay. Rudrendra Tandon, Secretary (East) in the Ministry of External Affairs, told reporters in Auckland that Prime Minister Christopher Luxon had assured his Indian counterpart Narendra Modi the agreement enjoys bipartisan support. "We don't foresee any problem," Tandon said.
The trade target would require a sharp increase in exports from both sides. India ships pharmaceuticals and IT services to New Zealand. New Zealand exports dairy, meat and wine to India. Tariff reductions under the FTA would lower barriers over time.
The two sides also signed a Memorandum of Arrangement on Maritime Cooperation, setting up a framework for dialogue and joint activities in the Indo-Pacific.
Modi and Luxon met with business leaders and urged more investment. New Zealand said it would facilitate up to US$20 billion in investment into India. Tandon said no binding commitments were made, calling the number "facilitation."
The next parliamentary reading has not been scheduled. Luxon described Modi as "one of the most important leaders of our time" and said India will shape the 21st century.
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