{"id":31275,"date":"2025-03-17T10:52:22","date_gmt":"2025-03-17T05:22:22","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=31275"},"modified":"2025-04-16T10:39:03","modified_gmt":"2025-04-16T05:09:03","slug":"india-new-zealand-fta","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/india-new-zealand-fta\/","title":{"rendered":"India-New Zealand FTA"},"content":{"rendered":"<h2>India-New Zealand FTA Latest News<\/h2>\n<p>India and New Zealand recently launched negotiations for a comprehensive and mutually beneficial Free Trade Agreement (FTA), aiming to strengthen economic ties and enhance market access.<\/p>\n<h2>What is a Free Trade Agreement (FTA)?<\/h2>\n<ul>\n<li><strong>Definition<\/strong>: An <strong>FTA is a trade pact between two or more countries<\/strong> that aims to <strong>reduce or eliminate trade barriers<\/strong>, such as <strong>tariffs, import\/export restrictions, and non-tariff barriers<\/strong>.<\/li>\n<li><strong>Key Features<\/strong>:\n<ul>\n<li>Covers <strong>trade in goods (agriculture &amp; industry) and services (banking, IT, construction, etc.)<\/strong>.<\/li>\n<li>Advanced FTAs also include <strong>investment, intellectual property rights (IPRs), government procurement, and competition policies<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Types of Trade Agreements<\/h2>\n<ul>\n<li><strong>Partial Scope Agreement (PSA): <\/strong>Focuses on a <strong>limited number of goods<\/strong>.<\/li>\n<li><strong>Free Trade Agreement (FTA): Eliminates\/reduces tariffs<\/strong> between member countries but retains <strong>independent external tariff policies<\/strong> for non-members.<\/li>\n<li><strong>Customs Union: <\/strong>Members follow a <strong>common external tariff<\/strong> for non-members.<\/li>\n<li><strong>Common Market: <\/strong>Allows <strong>free movement of goods, services, and production factors<\/strong> (labour &amp; capital).<\/li>\n<li><strong>Economic Union: Coordinates macroeconomic and exchange rate policies<\/strong> among member nations.<\/li>\n<\/ul>\n<h2>India-New Zealand Trade Relations<\/h2>\n<ul>\n<li>This marks <strong>India&#8217;s second bilateral trade agreement in Oceania<\/strong>, following the <strong>India- Australia FTA in April 2022<\/strong>.<\/li>\n<li><strong>Trade Growth<\/strong>: In <strong>2023-24<\/strong>, India exported <strong>$538 million<\/strong> worth of goods to New Zealand and imported <strong>$335 million<\/strong>, creating a <strong>trade surplus of $203 million<\/strong>.\n<ul>\n<li><strong>Bilateral trade surpassed $1 billion<\/strong> during <strong>April-January 2025<\/strong>, indicating steady growth.<\/li>\n<li>In <strong>2024-25 (up to December 31)<\/strong>:\n<ul>\n<li><strong>Indian exports to New Zealand<\/strong> grew by <strong>21.49%<\/strong> to <strong>$496 million<\/strong>.<\/li>\n<li><strong>Imports surged by 78.72%<\/strong> to <strong>$463 million<\/strong>, narrowing the trade surplus to <strong>$33 million<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>India-New Zealand FTA FAQs<\/h2>\n<p><strong>Q1. <\/strong>Does NZ have a free trade agreement with India?<\/p>\n<p><strong>Ans. <\/strong>No, India and New Zealand are currently negotiating an FTA, but it has not been finalized yet.<\/p>\n<p><strong>Q2. <\/strong>Which country has FTA with India?<\/p>\n<p><strong>Ans. <\/strong>India has FTAs with countries like Japan, South Korea, UAE, and ASEAN nations, among others.<\/p>\n<p><strong>Q3. <\/strong>What can be exported from India to New Zealand?<\/p>\n<p><strong>Ans. <\/strong>India exports pharmaceuticals, machinery, textiles, and agricultural products to New Zealand.<\/p>\n<p><strong>Q4. <\/strong>What countries does NZ have FTA with?<\/p>\n<p><strong>Ans. <\/strong>New Zealand has FTAs with Australia, China, ASEAN, South Korea, and the CPTPP member countries.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.hindustantimes.com\/india-news\/india-new-zealand-launch-negotiations-on-fta-101742150425811.html\" target=\"_blank\" rel=\"nofollow noopener\">HT<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India and New Zealand have initiated negotiations for a comprehensive Free Trade Agreement to bolster economic ties and mutual growth.<\/p>\n","protected":false},"author":5,"featured_media":31276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-31275","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/31275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=31275"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/31275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/31276"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=31275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=31275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=31275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}