{"id":85555,"date":"2025-12-23T00:00:00","date_gmt":"2025-12-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=85555"},"modified":"2025-12-23T13:05:54","modified_gmt":"2025-12-23T13:05:54","slug":"india-concludes-fta-with-new-zealand-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/india-concludes-fta-with-new-zealand-2\/","title":{"rendered":"India concludes FTA with New Zealand,"},"content":{"rendered":"

Good morning, readers.<\/strong> The Christmas slowdown has arrived early, and we bring a lighter edition for you this afternoon, but with a few important signals worth tracking.<\/p>\n

Our big story today<\/strong>- <\/strong>We spoke to India\u2019s leading energy expert, who told us that Indian refiners are likely to pick up more Russian crude in the coming weeks as the government has not issued any directive restricting them from such purchases.<\/p>\n

ALSO-<\/strong> We bring you an explainer on why Indian start-ups are finding their second home in the GCC and what factors are influencing this shift. Let\u2019s dive in.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> INFRASTRUCTURE:<\/strong> Mumbai<\/strong>-based engineering and infrastructure group<\/strong> Larsen & Toubro<\/a><\/strong> (L&T) is scaling up its utilities business<\/strong>, focusing on green hydrogen and large battery storage projects beyond its traditional transmission and distribution (T&D) segment in India and overseas, <\/a>Business Standard<\/a> reports.<\/p>\n

Long-term <\/strong>f<\/strong>ocus:<\/strong> Green hydrogen is the company\u2019s long-term priority, even as T&D and battery energy storage systems continue to drive near-term growth, the report added, citing Senior Executive Vice President T Madhava Das.<\/p>\n

Corridor <\/strong>a<\/strong>ngle:<\/strong> L&T is a major engineering, procurement, and construction contractor operating in the Middle East region, working on large-scale projects in the UAE and Saudi Arabia. L&T is delivering the entire power system at Saudi Arabia\u2019s Neom, encompassing solar, wind, battery storage, and transmission. It is also collaborating on the Yanbu Green Hydrogen project in the country.<\/p>\n

Why it <\/strong>m<\/strong>atters:<\/strong> For Gulf investors and energy buyers, L&T\u2019s push into green hydrogen and grid-scale storage signals its growing international exposure. This positions the firm as an important EPC partner for renewables-to-industry projects that require integrated delivery across hydrogen, storage, and transmission infrastructure, rather than single-asset execution.<\/p>\n

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<\/a> ENERGY: <\/strong>Adani Group<\/strong> is in talks with the Uttar Pradesh state government to build a commercial nuclear power project<\/strong>, marking one of the first private-sector forays since India opened the sector to private firms, Bloomberg<\/a> reports. The proposal involves eight 200 MW small modular reactors, giving the project about 1.6 GW of capacity. <\/p>\n

Public-private structure: <\/strong>The project is expected to be structured as a public-private partnership, with state-run Nuclear Power Corporation of India expected to operate the plant, while the Bhabha Atomic Research Centre is working on the SMR design. The state has yet to identify a riverside site needed for cooling water, the report added. <\/p>\n

Why does it matter?<\/strong> For Gulf sovereign wealth funds and long-term investors, India\u2019s move from a purely state-led nuclear model toward private participation expands opportunities in India\u2019s high-capital-intensive infrastructure projects. The UAE has already brought all four units of the Barakah nuclear plant into commercial operation, while Saudi Arabia continues to advance plans for a civil nuclear program.<\/p>\n

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<\/a> TRADE:<\/strong> India<\/strong> has concluded a freetrade agreement (FTA) with New Zealand, marking its third such agreement in six months<\/strong>, according to a press release<\/a>.<\/p>\n

With this agreement, the two sides aim to double bilateral trade in five years. <\/strong>Total bilateral trade between India and New Zealand reached USD 2.4 bn in 2024, with services trade accounting for USD 1.4 bn, the statement added.<\/p>\n

Trade + investment terms: <\/strong>New Zealand will grant zero-duty market access on 100% of Indian exports, while India will liberalize tariffs on 70% of tariff lines, covering 95% of bilateral trade. The deal also includes a commitment from New Zealand to direct USD 20 bn in foreign direct investment into India over 15 years, backed by a rebalancing mechanism if investment targets are not met, the daily added.<\/p>\n

Why it matters: <\/strong>This FTA is India\u2019s third in a year following last week\u2019s Comprehensive Economic Partnership Agreement with Oman<\/a> and an agreement with the UK in May. With 50% US tariffs still in place and the agreement with Washington delayed, New Delhi is moving swiftly to close agreements with key bilateral partners to offset losses in export-oriented industries squeezed by these duties. This renewed push could augur well for the India-GCC FTA, which has been under negotiation since 2004. <\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

Oil prices ticked up in Asia this morning after US forces tried to tighten their blockade <\/strong>of oil tankers coming into and out of Venezuela.<\/strong> The US coast guard is reportedly pursuing in international waters a tanker that was heading into Venezuela. The development comes barely two days after it raided a Panama-flagged ship and two weeks after it seized a third. <\/p>\n

It\u2019s otherwise a particularly quiet morning in the global business press <\/strong>\u2014 markets seem already to be sliding into the Christmas week news slowdown. That has the business pages serving up year-end fare including: <\/p>\n