New Delhi [India], September 21 (ANI): The India-New Zealand Free Trade Agreement (FTA) will come into force on October 20, coinciding with Dussehra, with India securing duty-free access for 100 per cent of its exports to New Zealand, Union Minister of Commerce and Industry Piyush Goyal said on Monday.
Goyal made the remarks during the announcement of the entry into force date of the India-New Zealand FTA in New Delhi, where he interacted virtually with New Zealand Trade and Investment Minister Todd McClay.
"I'm delighted that we are taking forward the next important milestone in our bilateral economic partnership: the entry into force of the India-New Zealand Free Trade Agreement, which will come into force on the auspicious occasion of Dussehra on 20th of October, 2026," Goyal said.
He said the development reflects the shared commitment of India and New Zealand to build a stronger and more ambitious economic partnership.
Goyal acknowledged the contribution and cooperation of McClay during the negotiations and appreciated both the Indian and New Zealand negotiating teams for working towards a fair, equitable and balanced agreement.
The Commerce Minister said the bilateral economic relationship had also received strong political momentum through the visits of the Prime Minister of New Zealand to India and Prime Minister Narendra Modi to New Zealand in July 2026.
He said the visits provided impetus to the bilateral relationship and highlighted the importance of early implementation of the FTA.
Goyal noted that PM Modi's visit to New Zealand in July was the first visit by an Indian Prime Minister to the country in four decades.
The strategic partnership and roadmap to 2030 reflect the shared ambition of India and New Zealand to deepen economic cooperation, including an aspirational goal of doubling bilateral trade in goods and services to almost Rs 35,000 crore in the next four or five years, he said.
"The entry into force of the India-New Zealand Free Trade Agreement will translate this code into concrete economic outcomes," Goyal said.
The FTA was signed in New Delhi on April 27, 2026, after negotiations between the two countries concluded in nine months.
New Zealand PM Christopher Luxon welcomed the deal coming into force, "Almost exactly three years ago, I committed that National would secure a free trade deal with India within our first term if elected. And today, we finalised the deal, which comes into force next month. It is exciting to think of how many businesses will grow as a result of this FTA, and then consider what that means for them, for the people who work for them, and for the country as a whole. It means more opportunities for exporters, stronger growth for businesses, and more jobs and higher incomes for New Zealand."
Under the agreement, India has secured duty-free access for 100 per cent of its exports to New Zealand from the entry into force of the agreement.
As per the govt data, India-New Zealand merchandise trade grew from USD 873 million in 2023-24 to USD 1.3 billion in 2024-25, registering 49 per cent growth.
Merchandise exports from India to New Zealand rose to USD 711 million in 2024-25, showing a 32 per cent increase.
India's services exports to New Zealand grew by 13 per cent in 2024 to USD 634 million, with major sectors including travel, IT and business services. In 2024-25, India's exports to New Zealand were higher than imports from the country, maintaining a positive trade balance.
The entry into force of the FTA is expected to provide a framework for deeper trade and economic cooperation between the two countries, with the agreement aimed at translating the growing bilateral economic relationship into greater trade opportunities. (ANI)
India-New Zealand FTA to come into force on Dussehra, October 20; 100% Indian exports to get duty-free access: Piyush Goyal
