India, Jan. 5 -- Within three months of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association, which kicked off on October 1, 2025, India concluded another free trade agreement with New Zealand. Called the Comprehensive Economic Cooperation Agreement (CECA), it includes, according to official releases, New Zealand's commitment to facilitate $20 billion of foreign direct investment (FDI) over 15 years. The details of the agreement are currently being drafted. Unlike the $100 billion, and one million jobs commitments under TEPA, CECA's pledge attracted less attention, perhaps because the figure is less dramatic.

However, there are two common features between the two promises. As in TEPA, there is no i...