Unlocking Viksit Bharat 2047: How FTA Negotiations with High-Income, Large-Market Nations Will Propel India’s Growth, Says Piyush Goyal

New Delhi

Union Minister for Commerce and Industry Piyush Goyal recently shared insights on India’s free trade agreements (FTAs) and comprehensive economic partnership agreements (CEPAs). These are crucial to achieving the vision for a developed India by 2047.

After the India–New Zealand Free Trade Agreement was signed, Goyal emphasized that under Prime Minister Narendra Modi’s leadership, India is becoming an influential player in various sectors, including agriculture and manufacturing.

“Our goal is to transform India into a key global economic power,” Goyal stated. He noted that the FTAs and CEPAs India is pursuing align with the country’s strengths and open up new growth avenues.

The agreement with New Zealand marks the seventh FTA signed during Modi’s tenure. Goyal pointed out that these FTAs treat India as a partner rather than a competitor. “They are about collaboration and shared growth,” he explained.

In a world increasingly leaning toward protectionism, India is working to strengthen its international trade ties. Goyal highlighted that these agreements are vital for boosting exports and enhancing prosperity for farmers, traders, and small businesses.

The India–New Zealand FTA is particularly beneficial for Indian farmers, fishermen, and MSMEs, ensuring their interests are prioritized. It also opens doors for Indian students and professionals, allowing students to receive extended work visas after their studies in New Zealand—ranging from two years for general degrees to four years for STEM degrees.

Recent statistics reveal that economic relations between India and New Zealand are thriving, with bilateral trade reaching USD 1.3 billion in 2024–25. The total trade in goods and services stood at around USD 2.4 billion, mainly driven by sectors like travel, IT, and business services.

The FTA aims to establish a steady framework that can unleash the full potential of the India–New Zealand economic partnership. This strategic move is not just about enhancing trade; it’s about fostering a more interconnected and prosperous future for both nations.

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Union Minister, Commerce and Industry, Piyush Goyal, India’s strategic negotiations, Free Trade Agreements, FTA, Comprehensive Economic Partnership Agreements, CEPA