New Delhi: Commerce and Industry Minister Piyush Goyal on Monday held a productive interaction with heads of various Export Promotion Councils (EPCs) here.
“Discussed sector-specific priorities and heard their constructive feedback on enabling more Indian businesses to export and unlock opportunities in the global trade landscape,” said the minister on social media platform X.
“Also, explored avenues for exporters to leverage the various FTAs India has concluded in the recent past to widen market access and boost exports,” he added.
Earlier, Goyal said that he was looking forward to unlocking the full potential of the India-New Zealand FTA to create new opportunities for businesses in both countries, strengthen value chains, and further deepen the bilateral economic partnership.
Addressing the India-New Zealand Business Forum here along with his New Zealand counterpart, Todd McClay, the minister highlighted how India’s vast market, skilled talent, digital capabilities, and manufacturing strengths complement New Zealand’s expertise in agri-tech, clean energy, and fintech.
“The strong participation and ideas shared by business leaders from both sides highlighted the vast potential for deeper trade, investment, and innovation-led collaboration among our nations,” Goyal said.
Concluded in a record nine months, the FTA marks a significant milestone in strengthening bilateral ties. With current trade estimated at $1.3 billion in goods and $634 million in services, both countries aim to scale this to $5 billion over the next five years. A strong Indian diaspora of nearly 300,000 people in New Zealand continues to serve as a vital bridge in this partnership.
In a global environment marked by trade uncertainties and shifting supply chains, this agreement underscores India’s strategic diversification across the Indo-Pacific and its commitment to building resilient, inclusive, and future-ready economic partnerships, according to an industry body.
The FTA also includes a provision wherein New Zealand will invest $20 billion in India over 15 years. This is in the same vein as the $100 billion investment ‘commitment’ the European Free Trade Association made in their FTA with India.
(IANS)
