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Context:
New Zealand has taken a fresh initiative to revive multi-lateral meetings under the FTA mechanism with India to enhance bilateral trade relations between the two nations.
Key Highlights:
- Free Trade Agreement between New Zealand goes into India because of an entirely new trade policy between countries, which is rather close to being implemented standard operating procedures.
- Fourteen years ago, FTA talks were put on hold by the absence of any formal rounds of negotiations from February 2015 onwards.
- India and New Zealand signed an agreement for negotiations over accession to the Regional Comprehensive Economic Partnership, a China-supportive Asian trade bloc.
- New Zealand called for expanding farm and forest product market access and alcoholic beverages access through the FTA.
Regional Comprehensive Economic Partnership
- RCEP is a major economic deal between ASEAN members and FTA partners.
- It is the world’s largest trading bloc that promotes economic integration, trade liberalization, and cooperation.
- Note: India is a founding member of RCEP and withdrew from negotiations in 2019 over concerns for its domestic economy.
