India and New Zealand are about to sign a big trade deal
India and New Zealand are on the verge of sealing a free trade agreement, with the final announcement expected soon.
This move is part of India's plan to branch out beyond its usual trading partners like China and the US, especially in areas like pharma and IT services.
Why this matters:
Talks for this deal have been going on since 2015 but recently picked up steam after meetings between Commerce Minister Piyush Goyal and New Zealand officials.
Last year, India exported $538 million worth of goods—including textiles, machinery, medicines, refined petrol, automobiles, and electronics—to New Zealand.
Experts such as Ajay Srivastava think if things go well, trade between the two countries could hit $2-3 billion in five years, opening up new opportunities in sectors like education too.