Wellington [New Zealand], October 20 (ANI): New Zealand will seek to deepen trade ties with Brazil and Canada to diversify its export markets amid global economic uncertainty, as its free trade agreement (FTA) with India comes into force, according to a news report by Reuters.

New Zealand Trade and Investment Minister Todd McClay announced the initiatives on Tuesday as part of a broader effort to double the country's export value by 2034, ahead of a closely contested national election scheduled for November 7, as per the report.

Under the new initiatives, New Zealand and Brazil will establish a Trade and Investment Dialogue covering trade, investment, World Trade Organization reform and possible future trade negotiations. The first meeting is expected to be scheduled after Brazil's October 25 election runoff and New Zealand's November election.

New Zealand and Canada will also establish an annual dialogue between senior officials, followed by yearly meetings between their trade ministers, the report said.

The developments coincide with the implementation of New Zealand's FTA with India on Tuesday, opening up greater opportunities for trade between the two countries.

More than half of New Zealand's exports to India will become tariff-free from the agreement's commencement, with the share expected to rise to 82 per cent over time, Reuters reported. Tariffs have been removed on products including sheep meat, wool and coal, while apples, kiwifruit and milk albumins will receive preferential access through quotas.

'The gains go well beyond exports. They reach suppliers, local businesses and the towns that depend on them,' McClay said, according to Reuters.

The agreement is expected to strengthen New Zealand's access to the Indian market while supporting its broader efforts to expand exports and diversify trade relationships.

The parallel initiatives with Brazil and Canada reflect New Zealand's push to build wider trade and investment links as it works towards its 2034 export target. The proposed dialogues will provide platforms to discuss trade cooperation, investment opportunities and potential future negotiations, the Reuters report said. (ANI)