Business EconomyPosted at: Oct 19 2026 7:50PM


India flags off first JCB shipment to New Zealand ahead of FTA implementation

New Delhi, Oct 19 (UNI) India on Monday flagged off its first export consignment to New Zealand under the bilateral free trade agreement (FTA), with a JCB mini excavator manufactured in Maharashtra marking the start of preferential market access for Indian goods. The agreement, which comes into force on Tuesday, will provide Indian engineering products with zero-duty access to the New Zealand market.
Commerce and Industry Minister Piyush Goyal flagged off the shipment, describing the agreement as an opportunity to expand commercial ties and create benefits across different sections of society. The consignment comprises a JCB-18Z mini excavator, a company executive present at the event said.
Under the agreement, New Zealand has agreed to provide immediate zero-duty access to several Indian export categories, including pharmaceuticals, marine products, textiles, chemicals, leather and footwear, gems and jewellery, and electronic goods. Tariffs on plastic articles and agricultural products are also set to be eliminated under the deal.
India, in turn, has offered tariff concessions on 70 per cent of its tariff lines, covering 95 pc of New Zealand's export value to the country. However, sensitive domestic sectors have been kept outside the scope of tariff liberalisation.
New Zealand's Minister of Trade and Investment Todd McClay, who joined the flag-off ceremony virtually, said the agreement's success would depend on how effectively businesses utilise the opportunities it creates. He stressed the need for both governments to work together to ensure companies understand the provisions and benefits available under the pact.
Bilateral trade between India and New Zealand currently stands at around USD 1.2 billion annually. The two countries aim to double trade by 2030, with tariff reductions expected to expand the range of goods exchanged between them.
Beyond merchandise trade, the agreement is also expected to strengthen services exports and facilitate professional mobility. Its provisions include 5,000 visas for skilled Indian professionals, work opportunities for Indian students and extended post-study work rights. The pact also provides market access commitments across 118 service sectors and subsectors, including information technology, healthcare and engineering.
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