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

Union Minister of Commerce Piyush Goyal said on Monday, December 22, 2025, that with the free trade agreement, they expect to double bilateral goods and services trade with New Zealand to 5 billion dollars in the next five years. Speaking to the media after the successful completion of the free trade agreement (FTA) with Wellington, Mr. Goyal added: “[Having said that]”Thanks to the enthusiasm and reaction I saw in the business delegations of both parties, perhaps we can exceed the $5 billion mark.”

India and New Zealand announced on Monday that they have successfully signed a free trade agreement in a record time of nine months. Negotiations began on March 16, with five official rounds held during the course. Mr Goyal added that the trade agreement would provide “opportunities for all segments of our export communities” and opportunities for exporters looking to “diversify their export baskets”.

The Minister of Commerce stated that the free trade agreement will provide technical cooperation in the fields of fruit growing, honey production and dairy products. “They will bring the latest modern technology to India to help our farmers and dairy farmers increase their income,” he said.

Separately, allaying concerns about the impact on the region, Mr Goyal assured that the government was “sensitive about protecting the interests” of farmers and dairy farmers. “Rice, wheat, dairy, soy 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 stated that the trade agreement will also give impetus to labour-intensive sectors such as ready-made garments, leather, textiles, rubber, footwear and home decoration. He also stated that he would encourage exports of automobiles, auto parts, machinery, electronic goods, electrical goods and pharmaceuticals.

Moreover, Mr. Goyal noted that over the next decade and until investments start coming in from Wellington, stakeholders in New Zealand are embracing the idea of ​​investing heavily in India to establish their own technologies and export Indian-made goods to the world. “This will not only help bilateral trade with New Zealand, but also our exports to the rest of the world,” he said.

Women-led FTA

The Trade Minister also stated that the trade agreement is “the first free trade agreement led by women.” The chief negotiator with Wellington was Petal Dhillon, who was also Joint Secretary of the Department of Trade and Industry. “I must support our wealthy women in closing the deal,” he said.