India-New Zealand trade deal likely to come into force in October 2026: Govt sources

The agreement, signed in April 2026, provides for the elimination of duties on 100 per cent of Indian exports to New Zealand. The pact also includes a USD 20 billion investment commitment from New Zealand over 15 years.

The India-New Zealand Joint Statement said the two sides had welcomed the conclusion and signing of the agreement and agreed to work together to ensure its early entry into force and effective implementation.

The agreement is aimed at expanding bilateral trade. India and New Zealand have set an aspirational goal of doubling two-way trade in goods and services to NZD 7 billion, or approximately Rs 35,000 crore, by 2030. The two sides have encouraged businesses to deepen links and explore opportunities based on the complementarities between their economies.

The pact provides duty-free or preferential access for Indian goods across sectors including agriculture, marine products, textiles and clothing, engineering, leather, footwear, pharmaceuticals, electronics and electrical machinery, and chemicals.

Separately, sources also said that a bilateral meeting between the Indian and Chinese Trade Ministers is likely to take place on the sidelines of the upcoming BRICS Summit, government sources said.

Several trade-related issues are likely to figure in the discussions, the sources said, without providing further details.

India's trade with China has expanded significantly, with total bilateral goods trade estimated at USD 151.10 billion in 2025-26. India's exports to China stood at USD 19.47 billion, while imports were USD 131.63 billion, resulting in a trade deficit of USD 112.16 billion, according to official data.

The government has previously noted that India continues to engage the Chinese side on market access issues.

The expected ministerial meeting could provide an opportunity for discussions on these and other trade issues between the two countries. (ANI)