New Delhi, October 19, 2026 (Yes Punjab News)
Commerce and Industry Minister Piyush Goyal on Monday flagged off the first-ever export of a JCB machine manufactured in Pune, Maharashtra, to New Zealand, highlighting new opportunities for Indian manufacturing as the India-New Zealand Free Trade Agreement (FTA) comes into force on Tuesday.
“The India New Zealand FTA is unlocking new opportunities for our manufacturing,” Goyal said in a post on X.
In his message, the minister said India and New Zealand would begin a new chapter in their economic partnership on the occasion of Vijayadashami, with the agreement opening up fresh opportunities for Indian exporters.
With duty-free access for 100 per cent of Indian exports to New Zealand, the agreement is expected to benefit micro, small and medium enterprises (MSMEs), farmers, women, youth and labour-intensive sectors.
Goyal said the pact would also create new pathways for Indian professionals while safeguarding the country’s core interests.
“Our farmers will gain wider market access for fruits, vegetables, spices and other agricultural produce, alongside cooperation to improve productivity, support higher incomes, and strengthen livelihoods. Sensitive sectors, including dairy, remain protected, keeping farmers’ welfare at the heart of our approach,” he said.
New Zealand’s commitment to facilitate $20 billion in investment into India is expected to create opportunities across manufacturing, infrastructure, services and innovation, while supporting businesses and employment.
According to the Trade Promotion Council of India (TPCI), the India-New Zealand FTA marks a significant milestone in Indian trade policy.
The industry body said immediate zero-duty access across all product lines would give Indian exporters, particularly those in food processing, textiles and light engineering, a competitive advantage in the Oceania market.
The agreement provides 100 per cent duty-free market access for Indian exports across all 8,284 tariff lines. It also sets a target of doubling bilateral trade to $5 billion within five years, alongside long-term foreign investment commitments of $20 billion into India.
Under the agreement, tariffs on processed foods, spices, seasonings, confectionery, bakery products, packaged cereals, sauces, fruit juices and processed vegetables will fall from rates of up to 5 per cent to zero from the first day of implementation.
According to TPCI, this will create greater opportunities for Indian value-added agricultural products to enter Indo-Pacific supply chains.
Meanwhile, New Zealand has also initiated cooperation aimed at improving productivity in India’s dairy sector.
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