India-New Zealand Trade Pact, Export Boost

India's Commerce and Industry Minister, Piyush Goyal, is scheduled to meet with export promotion councils and industry associations on April 27 to strategize on boosting the country's outbound shipments. This meeting follows the signing of a free trade pact between India and New Zealand, with New Zealand's Minister for Trade and Investment, Todd McClay, present. The discussions are crucial as Indian exporters are grappling with the impact of the West Asia crisis, stemming from the US-Israel conflict with Iran, which has made shipping companies hesitant to transport goods to Middle Eastern countries. This geopolitical tension has resulted in a 7.44% decline in India's merchandise exports in March, with shipments to West Asia contracting by over 50%. Despite this, India's overall exports for the 2025-26 fiscal year reached an all-time high of $441.78 billion, though the trade deficit widened due to increased imports.