External Affairs Minister S. Jaishankar underlined the growing importance of India’s relationship with Luxembourg, calling it influential within the European Union. He said India is in an advanced stage of negotiating a free trade agreement with the EU and highlighted cooperation across technology, defence, connectivity and mobility. Jaishankar noted strong interest from Luxembourg in India’s digital infrastructure, space sector and AI ecosystem. He said discussions reflected growing confidence in India’s new capacities and reforms, adding that deeper engagement, ministerial visits and a large business delegation from Luxembourg are expected this year. Piyush Goyal will visit Brussels as India–EU FTA talks enter final phase.
Commerce Minister Piyush Goyal will travel to Brussels next month for key trade negotiations as India and the European Union move into the final phase of talks on a proposed free trade agreement. With both sides working to resolve remaining differences, the push is now on to wrap up a comprehensive pact that spans 23 policy areas and is expected to significantly boost bilateral trade.
India’s exports to Australia grew by 8% in FY2024-25, helping improve India’s overall trade balance with the country, according to official data. Analysts say the move to zero duty from January 2026 could accelerate this momentum, especially as exporters look for alternatives to traditional markets facing higher trade barriers.
A fresh political twist has emerged in the proposed India–New Zealand Free Trade Agreement, with New Zealand’s Foreign Minister Winston Peters opposing the deal. His party, New Zealand First Party, part of the ruling coalition, argues the FTA gives away too much on immigration while offering limited gains in sensitive sectors like dairy. At the same time, India has maintained a firm stand on protecting domestic agriculture, a position repeatedly articulated by Commerce Minister Piyush Goyal. The proposed pact includes a limited, quota-based agri action plan covering kiwis, premium honey and apples. As India advances its seventh FTA under the Modi government, political resistance in New Zealand could influence timelines and negotiations ahead.
"We are soon going to launch discussions for the terms of reference with Canada also," says Piyush Goyal
As part of the FTA, New Zealand would increase FDI by $20 billion into India over 15 years backed by a rebalancing mechanism to suspend benefits if unfulfilled. Expectations are that much of it would flow into manufacturing and infrastructure, but this has been left open to New Zealand.
The India-New Zealand FTA offers India duty-free access to New Zealand’s market, while New Zealand will benefit from reduced tariffs on 95% of its exports. However, India has excluded its dairy sector and select farm products from the agreement.
While sensitive farm products have been kept out, New Zealand will eliminate tariffs on 100% of its tariff lines, providing duty-free access for all Indian exports.
Under the pact, New Zealand will eliminate tariffs on 100% of its tariff lines, providing duty-free access for all Indian exports.
Under the CEPA, Oman has offered zero-duty access on about 98% of its tariff lines, covering nearly 99% of India’s exports to the Gulf nation by value. In FY25, India’s exports to Oman stood at around $4.1 billion, led by refined petroleum products, machinery, metals, aircraft, rice and consumer goods.
Commerce and Industry Minister Piyush Goyal, speaking at the India–Oman Business Summit, described the signing of the Oman–India Comprehensive Economic Partnership Agreement as a watershed moment in bilateral ties. He said the agreement reflects a shared vision for a mutually prosperous future and noted that India–Oman trade has already crossed USD 10 billion. Goyal stressed the need to deepen cooperation across trade, investment, tourism, innovation and technology. He said the agreement will offer duty-free access, ease trade barriers and improve competitiveness for exporters, while positioning Oman as a gateway for Indian businesses to the Gulf, Africa and West Asia, and strengthening people-to-people ties through fair mobility frameworks.
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