This meeting will occur following the signing of the free trade agreement between India and New Zealand at Bharat Mandapam. Todd McClay, New Zealand’s Minister for Trade and Investment, is currently in attendance with a business delegation.
On Sunday, the minister is engaging in discussions with Indian and New Zealand business leaders in Agra. Participants from various sectors including leather, pharmaceuticals, auto, sports goods, and engineering will be part of the meeting, as noted by the official.
The upcoming meeting holds significance as Indian exporters are facing challenges stemming from the West Asia crisis, which has been exacerbated by the US-Israel conflict with Iran. Shipping companies are hesitant to transport goods to Middle Eastern countries, a crucial market for Indian exporters.
Merchandise exports saw their most substantial decline in five months, dropping 7.44% in March to $38.92 billion due to uncertainty in trade and geopolitical instabilities, with shipments to West Asia falling by more than 50% during this period.
Conversely, the trade deficit decreased to a nine-month low of $20.67 billion in March, influenced by reduced imports.
Imports fell by 6.51% to $59.59 billion in March, primarily due to a notable decrease in the intake of crude oil and gold, according to the data. India’s exports to the Middle East decreased by 57.95% in March, while imports from the Gulf nations saw a contraction of 51.64%.
For the entire fiscal year 2025-26, exports rose by 0.93% to reach a record high of $441.78 billion, while imports increased by 7.45% to $775 billion. The trade deficit expanded to $333.2 billion, largely attributed to a surge in gold and silver imports throughout the previous fiscal year.
The nation’s goods and services exports are estimated to have grown by 4.22% to an unprecedented $860.09 billion in 2025-26, up from $825.26 billion in 2024-25.
