New Delhi, April 27 (IANS) Leading business chamber Assocham on Monday signed a Memorandum of Understanding (MoU) with the India-New Zealand Business Council (INZBC) to develop a structured plan of action to facilitate and formalise industry-led initiatives under the India–New Zealand FTA and to ensure that businesses on both sides can effectively leverage the opportunities arising from the agreement.
Strengthening connectivity and human links will be central to unlocking the full potential of the India–New Zealand partnership in the years ahead, according to a statement.
Enhanced engagement between trade and industry bodies will make trade between India and New Zealand easier and significantly reduce procedural bottlenecks. Enhanced air connectivity and tourism cooperation further strengthen the economic partnership, said the industry body.
Concluded on December 22, 2025, in a record nine months, and signed on Monday, 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, the statement said.
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, the industry body further stated,
The FTA with New Zealand is unlocking the potential for trade and investment, with 100 per cent duty-free access for India’s exports to New Zealand, marking a new chapter in India’s FTA trajectory. It also includes a commitment to invest $20 billion in India over the next 15 years, cementing a strong, long-standing partnership between the two strategic economies, the statement added.
Bilateral trade between the two economies is expected to increase, with India’s exports of textiles, pharmaceuticals, petroleum products, and machinery, and New Zealand’s imports mainly of raw materials for manufacturing and other primary inputs. India’s services sector is expected to gain particularly from enhanced penetration in New Zealand, including information technology, financial services, educational services, business services, and other professional services, said Assocham Secretary General, Saurabh Sanyal.
–IANS
sps/na
