India, New Zealand Sign Free Trade Agreement After 15 Years of Negotiations
Deal gains urgency amid Strait of Hormuz closure and US tariff disruptions; comes as New Delhi awaits delayed US trade pact
Quick Look
- India and New Zealand have finalized a free-trade agreement after 15 years of negotiations, with the deal accelerated by supply chain disruptions from the Strait of Hormuz closure and US tariffs.
- Commerce Minister Piyush Goyal and New Zealand Trade Minister Todd McClay signed the pact on Monday, as India awaits a delayed preliminary trade deal with Washington.
AI-generated summary
India signed a free-trade agreement with New Zealand on Monday after 15 years of on-and-off negotiations, a deal that gained urgency in recent weeks as Indian exporters contend with the closure of the Strait of Hormuz and steep American tariffs that have rattled supply chains.
For New Delhi, the New Zealand deal comes ahead of a preliminary trade pact with Washington that was due to be sealed last month but has since been put off because of confusion over the US Supreme Court ruling that outlawed a swathe of import tariffs imposed by President Donald Trump and the US-Iran war which has overshadowed other policy matters.
Commerce and Industry Minister Piyush Goyal and visiting New Zealand Trade and Investment Minister Todd McClay signed the new pact on Monday.
India signed a free-trade agreement with the European Union earlier this year and another with the United Kingdom last year.
