Expecting bilateral trade with New Zealand to double in five years with FTA: Piyush Goyal

As of today, we expect to double the bilateral trade in goods and services with New Zealand to $5 billion in the next five years with the free trade agreement, Union Minister for Commerce Piyush Goyal said on Monday (December 22, 2025). Speaking to the press following the successful completion of the free trade agreement (FTA) with Wellington, Mr. Goyal added, “[Having said that], the enthusiasm and response I noted among the business delegation from both sides, maybe we would be able to scale beyond $5 billion as well.”

India and New Zealand announced having successfully concluded a free trade agreement on Monday in a record nine months. The negotiations were launched March 16 with five formal rounds held during the course. Mr. Goyal added the trade agreement would provide “opportunities for all sections of our export communities” and exporters wishing to “diversify their export basket”.

The Commerce Minister indicated the FTA would provide for technical collaboration in fruit cultivation, honey production and dairy. “They will bring latest modern technology to India to help our farmers and dairy persons increase their incomes,” he stated.

Separately, Mr. Goyal allaying concerns about an impact on the realm, assured that the government has been “sensitive in protecting interests” of farmers and dairy persons. “Rice, wheat, dairy, soya and various other agricultural products have not been opened up with any access,” he stated, adding, “We have also been very cautious of ensuring that our micro, medium and small enterprises (MSMEs), innovators and start-ups get big opportunities in New Zealand.”

Mr. Goyal also stated the trade agreement would also provide a fillip to labour-intensive sectors as apparel, leather, textiles, rubber, footwear and home decor. Additionally, he held it would encourage export of automobiles, auto components, machinery, electronic goods and electrical and pharmaceuticals.

Further, Mr. Goyal held that over the next decade and by the time investments from Wellington start flowing in, stakeholders in New Zealand house the idea of investing heavily in India to institute their technologies and export India-made goods to the world. “This would not only help the bilateral trade with New Zealand but also help our exports to the rest of the world,” he held.

Women-led FTA

The Commerce Minister further stated the trade agreement was the “first women-led FTA”. The chief negotiator with Wellington was Petal Dhillon who is also the Joint-Secretary at the Ministry of Commerce and Industry. “I must complement our women of substance in finalising the agreement,” he stated.