India-New Zealand FTA: Agra industry meet ahead of signing on 27 April

India and New Zealand concluded preparations for a comprehensive Free Trade Agreement (FTA) with an industry engagement held in Agra on 26 April 2026. The session was led by Union Minister of Commerce and Industry Piyush Goyal and his New Zealand counterpart, Trade and Investment Minister Todd McClay. The agreement was signed in New Delhi on 27 April 2026.

Under the FTA, duties on 100% of Indian exports to New Zealand are to be eliminated, while tariffs on Indian leather and footwear, currently at 5%, will go to zero. New Zealand is expected to commit around USD 20 billion of investment in India. The pact is broad-based and covers trade in goods, services, investment, mobility and people-to-people ties.

Agra was chosen to launch the "Agra: World Capital of Footwear" brand campaign, since the city accounts for nearly 75% of India's leather footwear production. Other sectors expected to gain include pharmaceuticals, AYUSH products, medical devices, light engineering and sports goods. The Minister highlighted MSMEs as the principal beneficiaries.

Bilaterally, India and New Zealand have growing convergences in dairy, education, agritech and Indo-Pacific maritime security. India is already New Zealand's 10th largest trading partner. The FTA is the first comprehensive trade pact between the two countries and continues India's recent push for bilateral trade agreements alongside earlier deals with the UAE, Australia and the European Free Trade Association (EFTA) bloc.

Exam angle: Important for IR and Economy. India's recent FTAs - CEPA with UAE (2022), ECTA with Australia (2022), TEPA with EFTA (2024). New Zealand is a member of the Five Eyes intelligence alliance and the Indo-Pacific Economic Framework (IPEF). Capital: Wellington. Currency: New Zealand Dollar.